Question
In the case of_____, either outflow of resources to
settle the obligation is not probable or the amount expected to be paid to settle the liability cannot be measured with sufficient reliabilitySolution
Contingent liabilities are potential obligations that may arise from past events and their existence is uncertain, depending on the occurrence or non-occurrence of one or more future events not within the control of the entity. When the outflow of resources to settle the obligation is not probable, or the amount cannot be measured with sufficient reliability, the entity recognizes a disclosure in its financial statements in the form of a note or footnote. This disclosure informs the users of the financial statements about the potential liability and the possible impact on the entity's financial position and performance.
Delivery of goods by one person to another for some purpose, upon a contract that they shall, when the purpose is accomplished, be returned or otherwise...
The total amount of deductions from wages of employees should not exceed _______________.
Under the Contract Act the promise in a contract of indemnity, acting within the scope of his authority, is entitled to recover from the promisor________
Chapter III of the Transfer of Property Act, 1882 deals with-
The transfer of an actionable claim shall be effected:
When there are several defendants, service of summons shall be made _____________.
Employer is not liable to pay compensation to an employee in respect of any injury by accident caused in course of employment if the total or partial di...
Mortgagee gets a right to sue for mortgage-money when?
If an employee works on any day on which he was employed for a period less than the requisite number of hours constituting a normal working day, he shal...
Choose the correct code:
A. Chapter I Indian Contract Act, 1872.
B. Chapter II Indian Contract Act, 1872
C. Chapter III Indi...