Theoretical FrameworkQ-2 | Contingent Assets and Contingent LiabilitiesQuestion 4973 of 110
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In the financial statement, contingent liability is recognized.

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Detailed Solution & Explanation

False: In the financial statement, contingent liability is not recognized.

About This Chapter: Theoretical Framework

Paper

Paper 1: Accounting

Weightage

5-10%

Key Topics

Policies, Standards (Ind AS), Vocabulary

This chapter covers Policies, Standards (Ind AS), Vocabulary and is part of Paper 1: Accounting in the CA Foundation exam.

View Official ICAI Syllabus

Exam Strategy Tip

This topic carries 5-10% weightage. Focus on understanding core concepts rather than memorizing.

Key Concepts to Understand

Contingent Liability

A potential liability that may occur depending on the outcome of an uncertain future event.

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