aliensbrain
  • Home
  • Study
  • Quizzes
  • 🎤AI Practicefree
  • Notebooks
  • Community
  • Sign in
Multiple choice

In the final statements, contingent liability is

  1. recognised

  2. not recognised

  3. adjusted

  4. none of the above

Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

 A loss contingency which is possible but not probable, will not be recorded in the accounts, It will be disclosed in the notes to the financial statements.

Keep practicing — related questions

  • If a reliable estimate of probable outflow of resources to settle a present obligation can be made, it is
  • Which of the following is not a contingent liability?
  • Which of the above two statements define the equals and hashcode contract in JAVA? Statement -1 If two obje...
  • Directions: In the following question an incomplete statement is provided. You have to select the option wh...
  • Directions: In the following question an incomplete statement is provided. You have to select the option wh...
  • Directions: In the following question an incomplete statement is provided. You have to select the option wh...
  • Directions: In the following question an incomplete statement is provided. You have to select the option wh...
  • Directions: In the following question an incomplete statement is provided. You have to select the option wh...

Practice this topic

  • Legal Principles and Remedies (1693 questions)
Advertisement
© Aliensbrain | all rights reserved
  • About
  • Contact
  • Terms and Condition
  • Privacy Policy