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What is the meaning of contigent liability?
I liability that may be incurred depending upon future event(s) Example- let there is a claim on a company existence of that liability is depends on decision of court so existence of that liability is uncertain so we can say that contigent liability is that liability which may occur or may not. ..
How is treasury bond shown on a balance sheet?
contigent liability
What is contigent liabilites?
1. Contingent liability is a liability the occurance or some information of which is dependable on the occurance of any future incidend until that liability is not confirmed
What is the meaning of contigency?
I liability that may be incurred depending upon future event(s) Example- let there is a claim on a company existence of that liability is depends on decision of court so existence of that liability is uncertain so we can say that contigent liability is that liability which may occur or may not. ..
Mortgage payable is a current liability?
No, although Mortgage Payable would be a liability a mortgage is generally not a payable that could or would be paid off in less than one year or one accounting cycle. Current liability refers to just that, a liability that will be paid off in one year or less, while a Long-term liability takes longer, such as a mortgage payable. More commonly referred to as a "note payable" a mortgage payable for a business would be a Long-term liability. A mortgage would be what the company is paying to "purchase" their building or land. The property itself that the mortgage is on of course is the asset.
What is a coborrower's liability on a Mortgage?
The liability is 100%. Both are 100% responsible for payment.
Examples of a long term liability?
Mortgage
What is the classification of mortgage in accounting?
non current liability
Is mortgage payable debit or credit?
Mortgage payable is liability for business and like all liabilities it also has credit balance and shown in liability side of balance sheet.
Where contigent liabilites are shown in balance sheet?
Contingent liabilities does not show in balance sheet rather it is provided in notes to financial statements as a note about contingent liability and detail etc.
Is a mortgage repayment for a business a credit or a debit entry?
Credit to cash, debit to the liability account for the mortgage.
Where will you put mortgage payable on a general ledger?
credit mortgage payable in the liability side of the balance sheet
