Question
In the financial statements, contingent liability is
________Solution
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.
In which group of insects is the gizzard characterized by having four mobile lips with spines useful in staining procedures?
Which of the following is covered under operating cost of tractor?
Which of the following is correct with respect to Muriate of Potash (MOP)?
Triple test cross is an extension of:
The offspring produced by the mating of two different breeds of the same species is known as:
The tissue that makes up the bulk of the plant body and performs various functions such as storage and support is called:
Which of following fungi is not used as a bio-control agent of plant diseases?
TGMS and PGMS systems of male sterility are available in:
3PL stands for.......................?
When plant cells are placed in hypertonic solution, they become____
