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प्रश्न
What are contingent liabilities?
संक्षेप में उत्तर
उत्तर
- A contingent liability refers to a potential obligation based on a future event. A contingent obligation refers to an unclear situation that will be settled by a future event.
- For example, the liability on bills discounted with a bank would become payable only when the debtors on whom the bills are drawn do not honour the bills on their due dates.
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Classification of Assets and Liabilities
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संबंधित प्रश्न
What are liquid assets?
Give two examples of fictitious assets.
Mention two contingent liabilities.
What are fictitious assets?
Give one example of fictitious assets.
Give one difference between fixed assets and current assets.
Explain current assets with an example.
Name the different types of liabilities.
Explain Asset.
Explain Liability.
