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 In the financial statement, contingent liability is
  • a)
    Recognised
  • b)
    Not recognised
  • c)
    Adjusted.
  • d)
    None of the above
Correct answer is option 'A'. Can you explain this answer?
Verified Answer
In the financial statement, contingent liability isa)Recognisedb)Not r...
A contingent liability is a potential liability that may occur depending on the outcome of an uncertain future event. A contingent liability is recorded in the accounting records if the contingency is probable and the amount of the liability can be reasonably estimated.
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Most Upvoted Answer
In the financial statement, contingent liability isa)Recognisedb)Not r...
Contingent liabilities are known liabilities which might be incurred in. As these are known and probability is there so these are disclosed in the notes to accounts or in footnotes and it is supported by AS 29
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Community Answer
In the financial statement, contingent liability isa)Recognisedb)Not r...
Contingent liabilities are those liabilities which are uncertain or they are depending upon some other future uncertain event they are not probable and the amount of liability is not ascertained but these contingent liabilities are recognised under financial statements according to accounting standard 29 they are generally shown and small footnote after the balance sheet
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In the financial statement, contingent liability isa)Recognisedb)Not recognisedc)Adjusted.d)None of the aboveCorrect answer is option 'A'. Can you explain this answer?
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In the financial statement, contingent liability isa)Recognisedb)Not recognisedc)Adjusted.d)None of the aboveCorrect answer is option 'A'. Can you explain this answer? 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 In the financial statement, contingent liability isa)Recognisedb)Not recognisedc)Adjusted.d)None of the aboveCorrect answer is option 'A'. Can you explain this answer? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for In the financial statement, contingent liability isa)Recognisedb)Not recognisedc)Adjusted.d)None of the aboveCorrect answer is option 'A'. Can you explain this answer?.
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