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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.
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What is the difference between liabilities provisions and contingent liabilities?
Provision made for known or specified liabilities which may occur in future is provision for liabilities whereas Contingent liabilitiy is provision made for unknown liabilities which may or may not occur in future.
What are the differences between criminal liabilities and civil liabilities in terms of legal consequences and responsibilities?
Criminal liabilities involve breaking laws and can result in punishment by the government, such as imprisonment or fines. Civil liabilities involve disputes between individuals or entities and can result in compensation or other remedies being awarded by a court. The legal consequences and responsibilities differ in that criminal liabilities are prosecuted by the government, while civil liabilities are typically resolved through lawsuits between private parties.
Difference between current and fixed liabilities?
Using GAAP the terms Current Liabilities and Fixed Liabilities (Long-Term Liabilities) the differences are simpleCurrent Liabilities are liabilities that the company can expect to pay off in a short period of time (one year or less)While Long-Term Liabilities (fixed) are liabilities that the company will pay over over a longer period of time (more than one year)
Why are current and noncurrent liabilities stated separately?
If you are asking the differences between the two, it is pretty much straightforward. Current Liabilities are any liabilities that you owe and you can reasonably pay off in one-year or less (or one... Accrued liabilities are a current liability if they are due within one year.Contingent Liability is a current liability in most cases, but there is possibility for non-current contingent liability as well. As a individual taxpayer any thing that you own is a current personal asset. An individual taxpayer can also have some business assets to be counted you would add the value of all of those items and...
Is sundry debtor is current liability?
Current_liabilities_and_non-current_liabilitiesIf you are asking the differences between the two, it is pretty much straightforward. Current Liabilities are any liabilities that you owe and you can reasonably pay off in one-year or less.
Current liabilities and non-current liabilities?
If you are asking the differences between the two, it is pretty much straightforward.Current Liabilities are any liabilities that you owe and you can reasonably pay off in one-year or less (or one accounting cycle) OR LESSNon-Current (aka Long-Term) Liabilities are liabilities that you cannot or do not expect to pay off in one year (accounting cycle), such as a Long Term Mortgage or Truck Note for examples.
What is the difference between contingent liability and off balance sheet liability?
There is no difference between Contingent Liability and Off Balance Sheet Liability.
Differentiate between physical assets from physical liabilities?
differentiate between physical assets from physical liabilities
What are miscellaneous liabilities?
Miscellaneous liabilities refer to various obligations or debts that do not fall into standard liability categories, such as accounts payable or long-term debt. These can include items like deferred revenue, contingent liabilities, or other financial commitments that are not easily classified. Often, they arise from unique transactions or events and may vary significantly between companies. Proper disclosure in financial statements is essential for transparency and accurate assessment of a company's financial health.
What is the contrast between gain contingency and loss contingency?
A gain contingency is where a gain will incur if certain future events incur or not occur while loss contingency is the posting of a future loss that may result from some event or happening
The difference between assets and liabilities is?
assets are what the business owned and liabilities are what the business owe.
What are the differences between civil liabilities and criminal liabilities in terms of legal consequences and responsibilities?
Civil liabilities refer to legal obligations that arise from private disputes between individuals or entities, typically involving compensation for damages or losses. The consequences of civil liabilities usually involve monetary compensation or injunctions to prevent future harm. On the other hand, criminal liabilities involve violations of criminal laws and are prosecuted by the government. The consequences of criminal liabilities can include fines, imprisonment, probation, or other penalties imposed by the criminal justice system. In terms of responsibilities, civil liabilities are typically resolved through civil lawsuits where the burden of proof is on the plaintiff, while criminal liabilities are prosecuted by the state and require proof beyond a reasonable doubt.
