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Q. What do you mean by Contingent liabilities?
Contingent liabilities -- liabilities which are not recorded on a company's financial reports though whichmight become due. If a company is being sued, it has a contingent liability which will become areal liability if company loses the suit.
what is the basic meaning of debit and credit
Q. Explain about Money measurement concept? Money measurement concept. Economic activity is primarily recorded and reported in a common financial unit of measure the dollar in
Generally Accepted Auditing Standards (GAAS) - Standards set by AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS (AICPA) which concern AUDITOR'S professional qualities and judgme
You recently landed your dream job working for the state as an accountant. You are given the task to research several state and local governmental financial accounting issues. F
Compute each of the following amounts Company reported current assets of $80,000, non-current assets of $350,000, current liabilites of $32,000 and long term liabilities of $120,00
Why is it important for accounting information to be accurate and timely?
The 2001 Recession: It is November 2001 and the U.S. Stock market has plummeted and the recent September 11th attacks have hurt consumer condence. Businesses have stop hiring and c
A company’s sales volume averages 4,000 units per year. Recently, its main competitor reduced the price of its product to $48. The company expects sales to drop dramatically
Selling the rights to the quantity owing by debtors to a finance company for an agreed amount (which is a lesser amount of than the figure at which they are recorded in the account
on april-1,2005,raghu started a business of selling steel pipes and angles.he invested cash of Rs.50,00,000 & opened a current a/c with bank for Rs.20,00,000.He took loan from ICIC
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