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Rs 50000 claim for workmam's compensation under dispute is a (a) current liability (b) contingent liability (c) fixed liability (d) none of the above?
Most Upvoted Answer
Rs 50000 claim for workmam's compensation under dispute is a (a) curre...
Explanation:
Workman's Compensation: It is a type of insurance that provides wage replacement and medical benefits to employees who are injured or become ill as a result of their job.
Liability: It refers to the amount owed to someone or something, which can be in the form of money, goods or services.
Types of Liabilities: There are three types of liabilities which are as follows:
Answer:
The claim for workman's compensation under dispute is a contingent liability because it is a potential liability that may arise in the future, depending on the outcome of a specific event. In this case, the outcome of the dispute will determine whether the liability will be incurred or not. Therefore, until the dispute is resolved, the liability remains contingent and uncertain.
Workman's Compensation: It is a type of insurance that provides wage replacement and medical benefits to employees who are injured or become ill as a result of their job.
Liability: It refers to the amount owed to someone or something, which can be in the form of money, goods or services.
Types of Liabilities: There are three types of liabilities which are as follows:
- Current Liability: It refers to the debt that a company owes and is due to be paid within one year. Examples of current liabilities include accounts payable, salaries payable, taxes payable, etc.
- Contingent Liability: It refers to a potential liability that may arise in the future, depending on the outcome of a specific event. Examples of contingent liabilities include pending lawsuits, warranties, etc.
- Fixed Liability: It refers to a liability that is fixed and certain, and is not dependent on any future event. Examples of fixed liabilities include long-term loans, mortgages, etc.
Answer:
The claim for workman's compensation under dispute is a contingent liability because it is a potential liability that may arise in the future, depending on the outcome of a specific event. In this case, the outcome of the dispute will determine whether the liability will be incurred or not. Therefore, until the dispute is resolved, the liability remains contingent and uncertain.
Community Answer
Rs 50000 claim for workmam's compensation under dispute is a (a) curre...
B
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Rs 50000 claim for workmam's compensation under dispute is a (a) current liability (b) contingent liability (c) fixed liability (d) none of the above?
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Rs 50000 claim for workmam's compensation under dispute is a (a) current liability (b) contingent liability (c) fixed liability (d) none of the above? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about Rs 50000 claim for workmam's compensation under dispute is a (a) current liability (b) contingent liability (c) fixed liability (d) none of the above? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Rs 50000 claim for workmam's compensation under dispute is a (a) current liability (b) contingent liability (c) fixed liability (d) none of the above?.
Rs 50000 claim for workmam's compensation under dispute is a (a) current liability (b) contingent liability (c) fixed liability (d) none of the above? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about Rs 50000 claim for workmam's compensation under dispute is a (a) current liability (b) contingent liability (c) fixed liability (d) none of the above? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Rs 50000 claim for workmam's compensation under dispute is a (a) current liability (b) contingent liability (c) fixed liability (d) none of the above?.
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