Test: Contingent Assets And Contingent Liabilities


30 Questions MCQ Test Principles and Practice of Accounting | Test: Contingent Assets And Contingent Liabilities


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This mock test of Test: Contingent Assets And Contingent Liabilities for CA Foundation helps you for every CA Foundation entrance exam. This contains 30 Multiple Choice Questions for CA Foundation Test: Contingent Assets And Contingent Liabilities (mcq) to study with solutions a complete question bank. The solved questions answers in this Test: Contingent Assets And Contingent Liabilities quiz give you a good mix of easy questions and tough questions. CA Foundation students definitely take this Test: Contingent Assets And Contingent Liabilities exercise for a better result in the exam. You can find other Test: Contingent Assets And Contingent Liabilities extra questions, long questions & short questions for CA Foundation on EduRev as well by searching above.
QUESTION: 1

Contingent Liabilities are shown : 

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QUESTION: 2

Contingent asset is not recognized in the financial statements on the basis of ______ accounting concept: 

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QUESTION: 3

 Contingent asset usually arises from unplanned or unexpected events that give rise to 

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QUESTION: 4

 If an inflow of economic benefits is probable then a contingent asset is disclosed 

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QUESTION: 5

 ‘Workmen Compensation Under Dispute’ is an example of : 

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QUESTION: 6

 Provision for contingencies are not made in respect of _______ since they do not relate to situation existing at the balance sheet date: 

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QUESTION: 7

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.

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QUESTION: 8

 In the financial statement, contingent liability is

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QUESTION: 9

Contingent assets usually arise from unplanned or other unexpected events: 

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QUESTION: 10

Which of the following is not a difference between a provision and contingent liability?

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QUESTION: 11

________ appear as a footnote below the balance sheet. 

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QUESTION: 12

Present liability of uncertain amount, which can be measured reliably by using a substantial degree of estimation, is termed as : 

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QUESTION: 13

Which of the following is not a contingent liability?

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QUESTION: 14

 Income tax demand, disputed by a company is________

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QUESTION: 15

Which of the following is not a contingent liability?

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QUESTION: 16

 In the financial statement, contingent liability is

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QUESTION: 17

If an inflow of economic benefits is probable then a contingent asset is disclosed 

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QUESTION: 18

 Bill discounted with a bank is ___________.

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QUESTION: 19

Contingent liability if becomes probable then it is ________

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QUESTION: 20

 Present liability of uncertain amount, which can be measured reliably by using a substantial degree of estimation is termed as ________.

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QUESTION: 21

 Contingent asset is not recognized in the financial statements on the basis of ______ accounting concept: 

Solution:
QUESTION: 22

‘Workmen Compensation Under Dispute’ is an example of : 

Solution:
QUESTION: 23

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.

Solution:
QUESTION: 24

Which of the following is not a contingent liability?

Solution:
QUESTION: 25

 Provision for contingencies are not made in respect of _______ since they do not relate to situation existing at the balance sheet date: 

Solution:
QUESTION: 26

 Contingent asset usually arises from unplanned or unexpected events that give rise to 

Solution:
QUESTION: 27

 ________ appear as a footnote below the balance sheet. 

Solution:
QUESTION: 28

Which of the following is not a difference between a provision and contingent liability?

Solution:
QUESTION: 29

Present liability of uncertain amount, which can be measured reliably by using a substantial degree of estimation, is termed as : 

Solution:
QUESTION: 30

 Contingent Liabilities are shown : 

Solution:

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