What are the Contingent Liabilities
Contingent liability is a potential obligation which may in the future develop into actual liability or may dissolve without necessitating any outlay. The crucial characteristics…
Define
Explain Prepayment
Prepayment also known as prepared expenses are those expenses which are incurred or paid during the year under audit but relate to the period subsequent…
Divisible Profits
Profit may be defined as follows: 1. Generally speaking the profit of the business during a given period is the excess over the expenditure for…