'Provision present liability' presentation slideshows

Contingent Assets & Liabilities

Here we have discussed the Future estimates made by business, the meaning of future probable inflow of benefits i.e. Contingent Assets & future probable obligations i.e. Contingent liabilities. The Disclosure in Accounting of Contingencies (as per Full Disclosure Concept) has been discussed. The difference between Provisions & Contingent liabilities is not to be ignored.

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