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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.
Statement: As per data provided by the education department, as many as 8,604 posts of Hindi teachers in primary schools and 1,500 in high schoo...
Statement : According to the latest issue of the medical journal Lancet, Multidrug Resistant-Tuberculosis (MDR-TB), a version of the disease where pat...
Statement: A 16-year-old boy drowned in a lake when he went for a swim along with his friends.
Courses of actions:
I. Coaching for ...
Statement : There are multiple cases where businesses have saved millions of rupees by making smaller changes in their processes. And energy-efficien...
Statement: While the workers laying cables underground in ABC locality, a main pipe supplying water to the houses burst and the locality was flooded....
Statement: Malnutrition isn’t just about acute starvation and often, healthy-looking people are malnourished too, because their diet does not inclu...
The increasing amount of NPA in public sector banks is causing trouble for RBI and India’s GDP as well.
Which of the following course of action...
Statement: Malnutrition isn’t just about acute starvation and often, healthy-looking people are malnourished too, because their diet does not in...
Statement: Militants are now attacking the police in several states of India in a bid to demoralize them and to choke the intelligence network.
Statement : Many students in rural areas fail to complete their primary education due to a lack of basic facilities in schools.
Courses of ...
