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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.
According to the Passport Index update, which of the following is true about India's mobility score and ranking in 2023?
I. India's mobility s...
What was the main objective of the Global Initiative on Digital Health launched by India and WHO at the G-20 summit in Gandhinagar?
Who presented the Pakistan resolution of the year 1940?
Which team clinched the inaugural Indian Premier League (IPL) championship?
What is the primary goal of the partnership between the Ministry of Panchayati Raj and UNICEF India?
Archbishop Desmond Tutu passed away. He belonged to ___________.
The Ministry of Skill Development launched the Skill India Digital (SID) platform that aims to skill nearly 260 million students in school and higher ed...
Which England player has recently announced his retirement from all forms of cricket?
What is the theme of the 26th National Integration and Youth Leadership Camp inaugurated by Arunachal Pradesh Governor Lt . General KT Parnaik ( Retd .) ?
What is the initial financial commitment of Karnataka government to the B-SMILE infrastructure initiative?