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MPR sanjay Kumar (CA student)     14 January 2021

Accounting standards

what is mean by the word contingent


 50 Replies

Sourav

Sourav (Student)     14 January 2021

Contingent means any situation which would happen or not happened in future means if any liability or assets are contingent that liability should occur or not in future same in assets also
2 Like
MPR sanjay Kumar

MPR sanjay Kumar (CA student)     14 January 2021

What is mean by material and immaterial effect

Sourav

Sourav (Student)     14 January 2021

Material effect means any situation or event which have huge effects on financial statements otherwise it will show improper results

immaterial effects is the antonym of material effect
1 Like
MPR sanjay Kumar

MPR sanjay Kumar (CA student)     14 January 2021

What is mean by material and immaterial effect

MPR sanjay Kumar

MPR sanjay Kumar (CA student)     14 January 2021

Provision vs contingent liability

Sourav

Sourav (Student)     14 January 2021

Provision in simple terms is the amount you set aside for meeting liabilities in future

contingent liabilities are those liabilities which have occurred in a event which may happen or not happened in future as per certain situations
MPR sanjay Kumar

MPR sanjay Kumar (CA student)     14 January 2021

What is mean by prudence ,substance over legal form

yasaswi gomes

yasaswi gomes (My grammar is 💯 good I)     14 January 2021

When the economic resource outflow is remote/possible with a reliable measurement/ estimate becomes contingent

1 Like
yasaswi gomes

yasaswi gomes (My grammar is 💯 good I)     14 January 2021

Prudence means to be careful in in implementing the accounting principles at all times.

Substance or form is the economic form of a transaction Ian more important than the legal form of it. Eg. if a company policy is to own a car only to transport employees, which is expensive than a single bus, you will purchase a bus. Here, in provisioning, you can create a provision irrespective of the legal form. 

MPR sanjay Kumar

MPR sanjay Kumar (CA student)     14 January 2021

What is mean by securities give some examples ,what actually it includes

yasaswi gomes

yasaswi gomes (My grammar is 💯 good I)     14 January 2021

Securities are financial instruments. They are measured at fair value. They can be both financial assets and financial liabilities. Bonds, mbs, mutual funds, reits 

MPR sanjay Kumar

MPR sanjay Kumar (CA student)     14 January 2021

What is mean by company limited by guarantee and limited by shares.

yasaswi gomes

yasaswi gomes (My grammar is 💯 good I)     14 January 2021

Limitited liability company- public company limited by guaranteed

MPR sanjay Kumar

MPR sanjay Kumar (CA student)     14 January 2021

Sundry creditor ,if I paid to my sundry creditor which side it will show debit side or credit side in ledger.

Sundry debtor,if I received my goods or cash from my debtor means which side it will show debit or credit .....

If I yet to receive means which side it will show


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