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Contingent liabilities are potential obligations that may arise from past events and whose existence depends on uncertain future events. These liabilities are disclosed in the notes to financial statements if they meet certain criteria, but they are not recognized in the financial statements. Under the accounting principles, recognition of a liability in the financial statements requires that the liability meets the definition of a liability, the amount of the liability can be reliably measured, and it is probable that an outflow of resources will be required to settle the obligation. Contingent liabilities are not recognized in the financial statements because they do not meet the criteria for recognition.
What does the "Word Count" feature in a word processing software typically provide?
A person, 'Q', uses 40% of their monthly income on food and then spends 60% of what is left on rent. After covering these expense...
I). p 2 – 5p – 126 = 0
II). q 2 + 9q – 90 = 0
Income of A is twice the income of B. B and A spend 55% and 65% respectively of their incomes. Find the savings of A, if B saves Rs. 18000 in a month.
28, 52, 84, 124, 172, ?.
315 people went to a park. The number of men is 25 more than the number of women and the number of adults is 15 more than the number of children. How ma...
Pipe P can fill a tank by itself in 16 hours, while pipe R can empty the tank in 36 hours when it is full. Together, pipes P and ...
Ayush invested a certain amount at a compound interest rate of 20% per annum, compounded annually, for 2 years and earned Rs. 2,3...
Three colleagues, M, N, and O, have an average age of 27. Ten years ago, their ages were in the ratio of 4:6:7. What is the average age of M and N today?
A triangle has sides 7 cm, 24 cm, and 25 cm. A circle is inscribed in the triangle. What is the area of the triangle not covered by the circle?
