Test: Contingent Assets And Contingent Liabilities - CA Foundation MCQ
30 Questions MCQ Test - Test: Contingent Assets And Contingent Liabilities
Contingent Liabilities are shown :
Contingent asset is not recognized in the financial statements on the basis of ______ accounting concept:
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Contingent asset usually arises from unplanned or unexpected events that give rise to
If an inflow of economic benefits is probable then a contingent asset is disclosed
‘Workmen Compensation Under Dispute’ is an example of :
Provision for contingencies are not made in respect of _______ since they do not relate to situation existing at the balance sheet date:
In the case of _______, either outflow of resources to settle the obligation is not probable or the amount expected to be paid to settle the liability cannot be measured with sufficient reliability.
In the financial statement, contingent liability is
Contingent assets usually arise from unplanned or other unexpected events:
Which of the following is not a difference between a provision and contingent liability?
________ appear as a footnote below the balance sheet.
Present liability of uncertain amount, which can be measured reliably by using a substantial degree of estimation, is termed as :
Which of the following is not a contingent liability?
Income tax demand, disputed by a company is________
Which of the following is not a contingent liability?
In the financial statement, contingent liability is
If an inflow of economic benefits is probable then a contingent asset is disclosed
Bill discounted with a bank is ___________.
Contingent liability if becomes probable then it is ________
Present liability of uncertain amount, which can be measured reliably by using a substantial degree of estimation is termed as ________.
Contingent asset is not recognized in the financial statements on the basis of ______ accounting concept:
‘Workmen Compensation Under Dispute’ is an example of :
In the case of _______, either outflow of resources to settle the obligation is not probable or the amount expected to be paid to settle the liability cannot be measured with sufficient reliability.
Which of the following is not a contingent liability?
Provision for contingencies are not made in respect of _______ since they do not relate to situation existing at the balance sheet date:
Contingent asset usually arises from unplanned or unexpected events that give rise to
________ appear as a footnote below the balance sheet.
Which of the following is not a difference between a provision and contingent liability?
Present liability of uncertain amount, which can be measured reliably by using a substantial degree of estimation, is termed as :
Contingent Liabilities are shown :
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