A

Admin • 833.24K Points
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Q. Which of the following is a contingent asset?

  • (A) Debtors
  • (B) Advance to supplier
  • (C) Claim under lawsuit which is probable
  • (D) Cash
  • Correct Answer - Option(C)
  • Views: 25
  • Filed under category Accounting
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Explanation by: Admin

Claims under litigation are contingent assets and are disclosed only if inflow is probable.

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