Contingent Assets and Contingent Liabilities-Test 1

Present liability of uncertain amount, which can be measured reliably by using a substantial degree of estimation, is termed as :

Contingent asset is not recognized in the financial statements on the basis of _____ accounting concept:

Contingent assets usually arise from unplanned or other unexpected events :

Provision for contingencies are not made in respect of _____ since they do not relate to situation existing at the balance sheet date :

Which of the following is not a contingent liability ?

Contingent Liabilities are shown :

‘Workmen Compensation under Dispute’ is an example of :

Bill discounted with a bank is ______ .

Which of the following is not a contingent liability ?

Income tax demand, disputed by a company is ____ .

Contingent liability if becomes probable then it is ______ .

______ appear as a footnote below the balance sheet .

Which of the following is not a contingent liability ?

Which of the following is not a difference between a provision and contingent liability ?

In which of the following cases, accounting estimates are needed ?

A contingent asset is

Present liability of uncertain amount, which can be measured reliably by using a substantial degree of estimation is termed as :

When 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 reliability, it is called ______ .

A company has filed a legal suit against its competitor company claiming Rs.50 Lakhs for infringement of patent. However, the outcome of the legal suit is uncertain. The claim may be treated as :

Contingent asset usually arises from unplanned or unexpected events that give rise to ____ .

If a reliable estimate of probable outflow of resources to settle a present obligation cannot be made, it is ____ .

If a reliable estimate of probable outflow of resources to settle a present obligation can be made, it is ___ .

In the financial statements, provision is ______ .

In the financial statements, contingent asset is _____ .

In the financial statements, contingent liability is

Present liability of uncertain amount, which can be measured reliably by using a substantial degree of estimation is termed as _____ .

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 reliability.

If an inflow of economic benefits is probable then a contingent asset is disclosed

If a reliable estimate of probable outflow of resources to settle a possible obligation can be made, it is ______

If a reliable estimate of probable outflow of resources to settle a possible obligation cannot be made, it is ______