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Gaurav Seth 7 years ago
A contingent liability is a potential liability...it depends on a future event occurring or not occurring. For example, if a parent guarantees a daughter's first car loan, the parent has a contingent liability. If the daughter makes her car payments and pays off the loan, the parent will have no liability. If the daughter fails to make the payments, the parent will have a liability.
Accounting examples :
- Uncalled liabilities on partly paid shares.
- Liabilities under Guarantee.
- Arrears of dividends on cumulative preference shares.
- Claim against the company now acknowledged as debts.
- Liabilities on Bills Receivable discounted but not matured.
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Jay Dev 7 years ago
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Ananya Garg 6 years, 11 months ago
When u get ur admit card for 12th board xams you can fill the form....bt nowa days the entranxe xam is not cpt ..it is called foundation xam....nd one more thing in foundation xam descriptive paper u hav to solve
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Syed Khabib 7 years ago
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Gaurav Seth 7 years ago
An expense incurred in carrying out an organization's day-to-day activities, but not directly associated with production. Operating expenses include such things as payroll, sales commissions, employee benefits and pension contributions, transportation and travel, amortization and depreciation, rent, repairs, and taxes. These expenses are usually subdivided into selling expenses and administrative and generalexpenses. Also called non-manufacturing expenses.
Posted by Jolly Chabra 7 years ago
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Gaurav Seth 7 years ago
Fictituous assets are not assets actually, they are expenses and losses shown on asset side of the Balance sheet. Fictitious means “Fake”.
Fictious assets are those assets which couldn’t be written off during the present accounting period.
Examples-
1.preliminary expense
2.promotional expense of a business.
3.discount allowed in issue of shares
4.loss incurred on issue of debentures.
Posted by Dubey Vipul Dubey 7 years ago
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Posted by Kumari Nutan 7 years ago
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Gaurav Seth 7 years ago
Issue of Debentures as Collateral SecurityWhen a company takes a loan, it may provide primary security on its assets. However, the lending institution may insist on some more assets as secondary or collateral security. In such a situation, the company may issue debentures to the lender as secondary or collateral security, such an issue of debentures is known as ‘debentures issued as collateral security’.
If the company fails to repay the loan along with the interest and the primary security is insufficient to repay the loan, only in that case the lender is free to use the debentures as collateral security. The lender may either present such debentures for redemption or sell them in the open market.
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Saina Sezel 7 years ago
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Rishabh Mishra 7 years ago
2Thank You