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What is the differnent between a current liability for an uncertain amount and a contingent liability?
Wiki User
∙ 10y ago
Under current liability of uncertain amount liability is created on company although actual amount is unknown but in contingent liability, liability is not created on company unless specific date or time or occurence of any contingent action or activity.
Wiki User
∙ 10y ago
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What is the difference between contingent liability and off balance sheet liability?
There is no difference between Contingent Liability and Off Balance Sheet Liability.
What is the difference between current liability and total liability?
Current Liability: Current liability is a specific liability and it is short term and mostly it is paid within the year. Total Liability: Total liability is the sum of all liabilities like current liabilities, outstanding liabilities etc.
What is the difference between annual liability and annual flow liability?
Annual liability is the amount of liabilities you have at a specfied date, while annual flow liability is the amount of annual liability thatmust be repaid during the next financial year.
What is the difference between liabilities provisions and contingent liabilities?
Provision made for known or specified liabilities which may occur in future is provision for liabilities whereas Contingent liabilitiy is provision made for unknown liabilities which may or may not occur in future.
What is the difference between total current assets and total current liabilities is?
the difference between total current assets and total liability is the working capital. It goes with a formula 'current asset -current liability =working capital '
What is the difference between contingent liability and off balance sheet liability?
There is no difference between Contingent Liability and Off Balance Sheet Liability.
What are the differences between contingency and contingent liabilities?
Contingent liabilities are liabilities that might be incurred and the outcome is uncertain. They are recorded when the future events are probable to happen and the amount can be estimated reasonably. They include obligations related to product warranties. A contingency is an existing situation where there is uncertainty about possible loss or gain that will not be resolved in the near future.
What is difference between provision liability and continget liability?
A provision is when it's grater than 50% chance of happening where as a contingent is less than that. You show a provision on the accounts but not the contingent.
What is the difference between a certain and an uncertain digit in a measurement?
One is certain and the other in uncertain.
Is there a difference between public liability and third party insurance?
difference between third party liability and public liability
Horse Legal Liability vs stableman's liability?
Difference between horse liability and stableman coverage
What is the difference between absolute and strict liability?
In strict liability, there are certain defenses available whereas in absolute liability, there are none.
What is the difference between employers' liability insurance and public liability insurance?
The difference between employers liability and public liability are simple. Employer liability insurance covers only claims made by the employees against the company. Public liability covers claims against the company by the general public as well as third parties claims.
Whats the difference between vicarious liability and primary liability in nursing?
A primary liability is discussed when the libelous action finds you at fault as the caregiver. A vicarious liability is the liability shared with another in a supervisory role.
Why are current and noncurrent liabilities stated separately?
If you are asking the differences between the two, it is pretty much straightforward. Current Liabilities are any liabilities that you owe and you can reasonably pay off in one-year or less (or one... Accrued liabilities are a current liability if they are due within one year.Contingent Liability is a current liability in most cases, but there is possibility for non-current contingent liability as well. As a individual taxpayer any thing that you own is a current personal asset. An individual taxpayer can also have some business assets to be counted you would add the value of all of those items and...
Strict liability and tortuous liability?
Strict liability is a form of civil liability, similar to negligence. The main difference between strict liability and tortious liability is that you can be held liable for any harm resulting from certain activities without any fault, simply because the activity falls within the classification of strict liability. Most states have adopted strict liability in some form, and activities that qualify fall into two general categories.
What is the difference between inner and outer suburbs in the city?
Inner ring suburbs usually refer to the suburbs contingent to the city they surround. Outer suburbs usually refer to those further out that are not contingent to the city.
