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What is the difference between contingent liability and off balance sheet liability?
Wiki User
∙ 15y ago
There is no difference between Contingent Liability and Off Balance Sheet Liability.
Wiki User
∙ 15y ago
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Under current liability of uncertain amount liability is created on company although actual amount is unknown but in contingent liability, liability is not created on company unless specific date or time or occurence of any contingent action or activity.
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Actual balance is the real balance while avialable balance is the physical balance
What does an auditor do if there is a material difference between an expected and actual balance?
However, if there is a material difference between the expected and actual balance, the auditor will investigate this difference further. At this point the auditor will develop an explanation for the difference.
What is difference between provision liability and continget liability?
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.
What is the differnent between a current liability for an uncertain amount and a contingent liability?
Under current liability of uncertain amount liability is created on company although actual amount is unknown but in contingent liability, liability is not created on company unless specific date or time or occurence of any contingent action or activity.
Difference between loan payable and loan receivable?
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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.
What is the difference between balance sheet and worksheet?
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What is difference between worksheet and balance sheet?
There is a difference between: Worksheet and Balance Sheet
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Difference between outstanding balance and Statement Balance?
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