Ques 1: Accrual Basis of Accounting
Ans: The method of recording transactions by which revenues, costs, assets and liabilities are reflected in the accounts in the period in which they accrue.
Ques 2: Amortisation
Ans: The gradual and systematic writing o of an asset or an account over an appropriate
Ques 3: Contingent Asset
Ans: An asset the existence, ownership or value of which may be known or determined only on the occurrence or non-occurrence of one or more uncertain future events.
Ques 4: Contingent Liability
Ans: An obligation relating to an existing condition or situation which may arise in future depending on the occurrence or non-occurrence of one or more uncertain future events.