INTERVIEW QUESTIONS ACCOUNTING PROCESS CONTINGENT ASSETS AND CONTINGENT LIABILITIES DETAILS

Question: 'Workmen Compensation Under Dispute' is an example of
(a) Contingent Liability
(b) Complete Liability
(c) Nominal Liability
(d) None

Answer: (a) Contingent Liability
Description: 'Workmen Compensation under dispute' is an example of contingent liability. This is so because the matter is under dispute and it is not certain that liability will occur or not.

(a) Contingent Liability
Description: 'Workmen Compensation under dispute' is an example of contingent liability. This is so because the matter is under dispute and it is not certain that liability will occur or not. Source: CoolInterview.com

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