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November 11, 2020 at 6:24 pm
Sir, shouldn’t probable – possible – and remote tests be done only for contingent liabilities/assets; as the provision is certainly a liability and will have to be paid ?
I am somewhat confused because I find these tests mentioned for Provision – whose payment is not contingent (dependent). Only the time and amount is uncertain. But it will be paid and recorded.
May 27, 2020 at 11:36 am
Really good resources. Thank you
John Moffat says
May 27, 2020 at 2:37 pm
Thank you for your comment 🙂
April 6, 2020 at 2:55 pm
About the contingent liability, we have to write a note if the accident takes place after the current year. I want to know how long after the end of the year we’ll have to write a note in the current year’s financial statement?
January 1, 2020 at 5:03 am
In contingent asset example in court case if we lose case we won’t receive money ? Right
It’s not clear video sound
April 2, 2020 at 10:01 am
Yes, that’s right.
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