Explain the meaning of each of these terms and give an example in each case: Contingent
Question:
Explain the meaning of each of these terms and give an example in each case:
• Contingent liability.
• Reserve.
• Provision.
• Capital commitment.
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Contingent Liability A contingent liability is a potential financial obligation that may or may not become an actual liability depending on the outcome of a future event These liabilities are uncertai...View the full answer
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Related Book For
Fundamental Accounting
ISBN: 9781485112112
7th Edition
Authors: David Flynn, Carolina Koornhof, Ronald Arendse, Anna C. E. Coetzee, Edwardo Muriro, Louise Christel Posthumus, Louise Mancy Smit
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