Accounting standards
MPR sanjay Kumar (CA student) (216 Points)
14 January 2021
what is mean by the word contingent
51 Replies
CA. Sourav Sarkar
(Chartered Accountant )
(24588 Points)
Replied 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
MPR sanjay Kumar
(CA student)
(216 Points)
Replied 14 January 2021
What is mean by material and immaterial effect
CA. Sourav Sarkar
(Chartered Accountant )
(24588 Points)
Replied 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
immaterial effects is the antonym of material effect
MPR sanjay Kumar
(CA student)
(216 Points)
Replied 14 January 2021
What is mean by material and immaterial effect
MPR sanjay Kumar
(CA student)
(216 Points)
Replied 14 January 2021
Provision vs contingent liability
CA. Sourav Sarkar
(Chartered Accountant )
(24588 Points)
Replied 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
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
(CA student)
(216 Points)
Replied 14 January 2021
What is mean by prudence ,substance over legal form
yasaswi gomes
(My grammar is 💯 good I)
(7296 Points)
Replied 14 January 2021
When the economic resource outflow is remote/possible with a reliable measurement/ estimate becomes contingent
yasaswi gomes
(My grammar is 💯 good I)
(7296 Points)
Replied 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
(CA student)
(216 Points)
Replied 14 January 2021
What is mean by securities give some examples ,what actually it includes
yasaswi gomes
(My grammar is 💯 good I)
(7296 Points)
Replied 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
(CA student)
(216 Points)
Replied 14 January 2021
What is mean by company limited by guarantee and limited by shares.
yasaswi gomes
(My grammar is 💯 good I)
(7296 Points)
Replied 14 January 2021
Limitited liability company- public company limited by guaranteed
MPR sanjay Kumar
(CA student)
(216 Points)
Replied 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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