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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.
If the fixed cost is Rs.43,500 and the company, the contribution is Rs.500 per unit, how many unit sales would a company need to do to earn a profit of ...
As per AS-13, Long Term Investments are carried in the balance sheet at what value?
The purpose of preparing final accounts is to ascertain .
Which of the following is NOT an example of capital receipt?
How is the commission on reinsurance accepted typically accounted for by the reinsurer?
If the organisation has Budgeted sales > the Break-Even level of Sales, then Margin of Safety, would be:
Sensitivity Analysis is useful in decision making because __________.
Which of the following sectors does NOT apply operating costing technique?
Which section deals with TDS on cash withdrawals?
Expiration of cost of intangible assets is referred to as:
