- This topic has 3 replies, 2 voices, and was last updated 1 year ago by
.
Viewing 4 posts - 1 through 4 (of 4 total)
- Posts
Hello sir,
Please help me distinguish between:
i) Contingent liability
ii) Normal liability
iii) ProvisionThank you
Liability – PROBABLE obligation
Provision – PROBABLE obligation – but amount or payment date is less certain – e.g. legal case
Contingent liability – POSSIBLE obligation
Viewing 4 posts - 1 through 4 (of 4 total)
- The topic ‘Assistance needed to distinguish a few terms’ is closed to new replies.