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Contingent liabilities are potential obligations that may arise from past events and whose existence depends on uncertain future events. These liabilities are disclosed in the notes to financial statements if they meet certain criteria, but they are not recognized in the financial statements. Under the accounting principles, recognition of a liability in the financial statements requires that the liability meets the definition of a liability, the amount of the liability can be reliably measured, and it is probable that an outflow of resources will be required to settle the obligation. Contingent liabilities are not recognized in the financial statements because they do not meet the criteria for recognition.
Which initiative in Budget 2025-26 aims to develop cities as ‘Growth Hubs’?
Deposit Insurance Corporation (DIC) Bill was introduced in the Parliament in which year?
Urjit Patel has been appointed as VP of AIIB for which of the following region?
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Consider the following statement/s about Companies Act 2013:
1. It received presidential assent on 29 August 2013.
2. It superseded the Co...
________ include fees or commission received for arranging or entering into financial lease contracts. This also includes fees received directly or dedu...
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What is the purpose of International Financial Reporting Standards (IFRS)?
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