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What are the differences between contingency and contingent liabilities?
Wiki User
∙ 9y ago
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.
Wiki User
∙ 9y ago
Wiki User
∙ 10y agoCurrent liability is that liability which is payable within one fiscal year while contingent liability is that liability which is not clear and liability until some specific future time or event.
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Is sundry debtor is current liability?
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Differentiate between physical assets from physical liabilities?
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The difference between assets and liabilities is?
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Deferred tax is an accounting concept, meaning a future tax liability or asset, resulting from temporary differences between book (accounting) value of assets and liabilities and their tax value, or timing differences between the recognition of gains and losses in financial statements and their recognition in a tax computation
What is current liabilities to total assets ratio?
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