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.
Which program aims to advance access to high-speed internet and meaningful connectivity as a fundamental right in rural regions of India?
How many beaches in India are currently in the coveted list of Blue Beaches?
Which of the following statement is incorrect about India Post Payment Bank?
i. It's slogan is “Apka Bank Apke Dwaar”
ii. It i...
What is money Laundering?
Which statutory return RBI prescribes for CRR under section 24 of Banking Regulation Act ?
Tarsame Singh Saini passed away recently, who was he?
The successful test firing of Skyroot Aerospace's Vikram-1 launch vehicle's stage-2 (Kalam-250) is critical for what aspect of the launch?
What is the primary objective of the Market Development Assistance (MDA) scheme associated with the Unified Registration Portal for GOBARdhan?
Which ship visited Mauritius for joint maritime surveillance in June 2025?
Which of the following Schemes have contributed towards making of physical infrastructure in India?
I- Bharatmala
II- Sagarmala
III- UDAN
IV- DAY-NRLM