Quizzes on Commerce

Read the following Paragraphs and answer the following Questions Teamwise

Contingent Liabilities: A contingent liability is a potential liability that may occur depending on the outcome of an uncertain future event. A contingent liability is recorded in the accounting records if the contingency is probable and the amount of the liability can be reasonably estimated. If both conditions are not met, the liability may be disclosed in a footnote on the financial statements or not reported at all.

Copy Right: Copyright refers to the legal right of the owner of intellectual property. In simpler terms, copyright is the right to copy. This means that the original creator of a product and anyone he gives authorization to are the only ones with the exclusive right to reproduce the work.

Credit Balance: In accounting, a credit balance is the ending amount found on the right side of a general ledger account or subsidiary ledger account. A credit balance is normal and expected for the following general ledger and subsidiary ledger accounts

Debit Balance: In accounting, a debit balance is the ending amount found on the left side of a general ledger account or subsidiary ledger account.

(Start Quiz) Team 1

Country Wise Quizzes:

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