Contingent auto liability insurance is a commercial product primarily designed for leasing companies that own vehicles they lease to others. Contingent liability is different than secondary liability, when one or more insurance companies have similar policies on the same vehicle and must decide who provi...
A contingent liability is a liability that may occur depending on the outcome of an uncertain future event. A contingent liability has to be recorded if the contingency is likely and the amount of the liability can be reasonably estimated. Both generally accepted accounting principles (GAAP) and ...
Definition of Contingent Liability A contingent liability is a potential liability that may or may not become an actual liability
The balance sheet shows the financial summary of the company's items on an individual year-to-year basis. Answer and Explanation: Contingent liability can occur in the future depending on the happening of some specific event. C...
when it comes out to be probable with regard to the monetary outflow will be needed for an item that is earlier treated as a contingent liability, a provision is made in the financial statement of the concerned period, in which the change in probability took place, except when the reliable...
Describe the following types of deductibles: 1. straight deductible 2. calendar-year deductible 3. aggregate deductible Explain the purposes of deductibles in property insurance contracts. What is a contingent liability? Provide some examples of contingencies. ...
Worker compensation insurance premiums which have occurred but the bill has not been received These liabilities must be recorded by using estimated amounts. Related Questions What is a contingent liability? Where is a contingent liability recorded? What is a contingent asset? Why does commitment...
Managers may seek to proactively open credit lines while a company is in a strong financial position to ensure access to borrowing in less favorable times. For example, pending litigation would be considered acontingent liability. Contingency plans typically include insurance policies that cover losses...
24,000 is called as paid up capital. Dividends are paid only on paid up capital.The liability may or may not arrise in the future is called as contingent liability. If you discount a bill in the bank, the bill may honour or dishonour on the due date. in the mean time this is ...
What is contingent workforce management? Contingent workforce management is the process of hiring and managing non-permanent workers at scale.Contingent workforce management solutionssupport this process, providing tools for everything from initial requisitions and negotiations to on-boarding/off...