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…
Notes
Importance of An Accurate Valuation of Inventories
The auditor examines the particular thing to assume himself of its existence. Physical examination requires identification of the item. One must be convinced that he…
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…