Results for: Necessary-contingent-truths

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What is life contingency?

When a person buys an annuity, a life contingency allows the  beneficiary to receive a payout if the person dies while they are  still paying into the plan.

What is a Hubbard contingency?

  Answer     Hubbard Clause Contingency         A clause in a property purchase contract that protects a buyer from having to close on the purchas (MORE)

What is contingency amount?

In general accounting practice, contingency amount means reserve or backup money. It will be used to manage a risk or an uncertain events. This amount will be allocated by per (MORE)
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What does necessary?

necessary means if do you think you should be doing that or do you feel that your doing the right thing "do you feel that's necessary"

What are the differences between contingency and contingent 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 (MORE)

How do you record contingent liabilities?

A contingent liability is recorded in financial statements or books  of accounts only if it is a probable contingency and if the  liability amount can be estimated. No need (MORE)