Differentiate between a liability, provision and contingent liability.
Question:
Differentiate between a liability, provision and contingent liability.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 66% (3 reviews)
Liability provision and contingent liability are accounting terms that represent different concepts ...View the full answer
Answered By
Bhartendu Goyal
Professional, Experienced, and Expert tutor who will provide speedy and to-the-point solutions. I have been teaching students for 5 years now in different subjects and it's truly been one of the most rewarding experiences of my life. I have also done one-to-one tutoring with 100+ students and help them achieve great subject knowledge. I have expertise in computer subjects like C++, C, Java, and Python programming and other computer Science related fields. Many of my student's parents message me that your lessons improved their children's grades and this is the best only thing you want as a tea...
3.00+
2+ Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Business questions
-
The purpose of this activity is to expose students to the varying treatment of specific items under U.S. GAAP versus IFRS. This activity will focus on accounting for current liabilities and...
-
The distinction between a provision and a contingent liability is irrelevant. Discuss.
-
Safe Vehicle Pty Ltd has been operating a successful business for many years specializing in servicing and providing replacement parts for vintage cars. 5% of customers who received a replacement...
-
Given the following class, which statement is correct? A. The class does not contain any security issues. B. The class contains exactly one security issue. C. The class contains exactly two security...
-
Figure shows an apparatus used to measure the distribution of the speeds of gas molecules. The device consists of two slotted rotating disks separated by a distance d, with the slots displaced by the...
-
From the Statistical Abstract of the United States and the article "Average Salaries in the NBA, NFL, MLB and NHL" by J. Dorish, published on the Yahoo! Contributor Network, we obtained the following...
-
Instant opinion. The BusinessWeek online poll can be found at the Web site indicated in the Notes and Data Sources, on page 34. The latest question appears on the screen, and visitors to the site can...
-
Chocolates has observed the following overhead costs for the past 12 months: The results of the regression analysis are: TC = $8,781 + ($0:63 Ã Number of Boxes) a. Plot the data and the...
-
Electro Company manufactures transmissions for electric cars. Management reports ending finished goods inventory for the first quarter at 1 0 4 , 0 0 0 units. The following unit sales are budgeted...
-
From the followings balances extracted from the books of SDTV Limited and additional information prepare the balance sheet of the company for the year ended 31st March 2017: Additional Information 1....
-
As on 31st March 2017, the breakup of borrowed funds of Sabse Taza Retails Limited is as follows: The term loan is secured against the mortgage of companys fixed assets, whereas the working capital...
-
Using the same top five career choices, identify nonfinancial factors that might influence your career choice. The following websites might be helpful in answering this question. Occupational...
-
Lazlo s estimates uncollectible accounts to be 0 . 9 % of sales. Its year - end unadjusted trial balance shows Accounts Receivable of $ 1 1 2 , 5 0 0 and sales of $ 9 6 5 , 0 0 0 . If Lazlo s uses...
-
Identify one or two of the best and one or two of the worst work teams on which you served as a member. 1. Identify the top three to five factors that made the team the best or the worst in terms of...
-
ColorCoder is a HousePaint Shop which supplies currently two types of house paints, namely, alpha and beta house paints. The shop is planning to sell a primer (paint base) and the needed paint...
-
which department adds value to a product or service that is observable by a customer?
-
Using Figure 14.1, answer the following questions: a. What was the settle price for July 2022 coffee futures on this date? What is the total dollar value of this contract at the close of trading for...
-
Write the linear system whose augmented matrix is (a) (b) 2 3 40 3 2 0 3 -2-432 2 2134107 3- 2 0 3 -2 -4 32
-
The population of Detroit, Michigan, decreased from 1,027,974 in 1990 to 688,701 in 2013 (Source: U.S. Census Bureau). Find the average rate of change in the population of Detroit, Michigan, over the...
-
List and describe the four employee responses to dissatisfaction.
-
Is job satisfaction a global concept?
-
Describe the three major emotional terms. How are they related and how do they differ?
-
Break-Even Sales and Sales to Realize Income from Operations For the current year ending October 31, Yentling Company expects fixed costs of $537,600, a unit variable cost of $50, and a unit selling...
-
You buy a stock for $35 per share. One year later you receive a dividend of $3.50 per share and sell the stock for $30 per share. What is your total rate of return on this investment? What is your...
-
Filippucci Company used a budgeted indirect-cost rate for its manufacturing operations, the amount allocated ($200,000) is different from the actual amount incurred ($225,000). Ending balances in the...
Study smarter with the SolutionInn App