______________ represents a potential obligation that could be created depending on the outcome of an event.

Related MCQs

• As per ………..it is the statutory obligation of companies to prepare their final accounts.
• An obligation which may or may not materialize is a/an _______________.
• An item which may or may not be the liability of the company due to happening of certain event is…………
• . ………..is the amount payable to the insured on the happening of event.
• ABC Ltd. makes payments to its Sundry Creditors through cheques and the Cash Discount received on these payments is recorded in the Triple-columnar Cash Book. In the event of dishonour of any such cheques, the discount so received should be written back through (i) A debit to discount column of the Cash Book (ii) A credit to discount column of the Cash Book (iii) A credit to bank column of the Cash Book (iv) A debit to Discount Account through Journal Proper (v) A credit to Creditor‘s Account through Journal Proper
• An asset which does not have a physical form but has the potential to have a monetary value is known as an ------------- Sol:
• Provision created for substandard is
• Provision created for unsecured doubtful debt is
• ……………… is an artificial person created by law
• . ………….company Is a company created by a special Act in Parliament