Provision made for known or specified liabilities which may occur in future is provision for liabilities whereas Contingent liabilitiy is provision made for unknown liabilities which may or may not occur in future.
There is no difference between Contingent Liability and Off Balance Sheet Liability.
assets are what the business owned and liabilities are what the business owe.
What_is_the_difference_between_vouching_and_verification_of_assets_and_liabilities
Yes - it's the sum of your assets minus the sum of your liabilities.
Equity
There is no difference between Contingent Liability and Off Balance Sheet Liability.
assets are what the business owned and liabilities are what the business owe.
What_is_the_difference_between_vouching_and_verification_of_assets_and_liabilities
Contingent liabilities are liabilities that might be incurred and the outcome is uncertain. They are recorded when the future events are probable to happen and the amount can be estimated reasonably. They include obligations related to product warranties. A contingency is an existing situation where there is uncertainty about possible loss or gain that will not be resolved in the near future.
Yes - it's the sum of your assets minus the sum of your liabilities.
Net Worth or Equity
Equity
Long term liabilites are liabilities that are not due within 12 months (or within a year) and short term are those that are.
A provision is when it's grater than 50% chance of happening where as a contingent is less than that. You show a provision on the accounts but not the contingent.
Outstanding assets are assets that are owed to an individual or business. Outstanding liabilities are debts that ill be incurred in the future.
they ave unlimited liabilities
it is the difference between current assets and current liabilities which is the working capital gap