Accounting Process-Books of Accounts - Contingent Assets and Liabilities (CA Foundation Principles of Accounting): Questions 1 - 5 of 5

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Question number: 1

» Accounting Process » Books of Accounts - Contingent Assets and Liabilities

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State the differences between a liability and a contingent liability?

Question number: 2

» Accounting Process » Books of Accounts - Contingent Assets and Liabilities

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What is meant by the term contingent liability?

Question number: 3

» Accounting Process » Books of Accounts - Contingent Assets and Liabilities

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What is meant by the term provision?

Question number: 4

» Accounting Process » Books of Accounts - Contingent Assets and Liabilities

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Write a short note on contingent assets?

Question number: 5

» Accounting Process » Books of Accounts - Contingent Assets and Liabilities

Short Answer Question▾

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Do a provision and a contingent liability mean the same thing? Justify your answer.

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