Examlex

Solved

Explain the Meaning of the Terms Contingent Liabilities and Provisions

question 7

Essay

Explain the meaning of the terms contingent liabilities and provisions as they relate to U.S.GAAP and IFRS?


Definitions:

Accrued Sales Revenues

Revenues earned during a period but not yet received in cash or recorded at the statement date.

Unearned Sales Revenues

Money received by a company for products or services yet to be delivered or performed, considered a liability until earned.

Cash Collected

Revenue that has been received by a company from its various business activities, such as sales or services.

Investing Activities

Financial transactions involving the purchase and sale of long-term assets and other investments not included in cash equivalents.

Related Questions