Unit 3: Accounting Terminology, Glossary (Question-Answer) CA Foundation Notes | EduRev

Principles and Practice of Accounting

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CA Foundation : Unit 3: Accounting Terminology, Glossary (Question-Answer) CA Foundation Notes | EduRev

The document Unit 3: Accounting Terminology, Glossary (Question-Answer) CA Foundation Notes | EduRev is a part of the CA Foundation Course Principles and Practice of Accounting.
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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
period.

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.

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