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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
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∙ 9y ago
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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 Mortgage a contigent liability?
no
What is expense accrual?
Expense accurals is a liabilites
The claims of creditors against the assets are?
Liabilites
How is treasury bond shown on a balance sheet?
contigent liability
What type of liability is salaries payable?
Current liabilites
What is contigency underwriting?
I'm not an underwriter, or agent (an adjuster), but think this means they are/will bind the policy 'contigent' on getting the rest of the underwriting history completed, and 'contigent' on that, and everything on the application being correct, or within their underwriting rules.
Which of these makes contigent workers an advantage to an employer?
the employer does not have to pay fringe benefits
How do you calculate net current assets?
It is current assests minus current liabilites
What are 5 major categories of bookkeeping systems?
Asset Liabilites Equity Revenue Expenses
What is the effect of performing services on account on the basic accounting equation?
-liabilites, +stockholder's equity
What are the five 5 accounting cycle defines?
cash expense revenue asset liabilites
