Which liability is not included in the total of Balance Sheet?
A. Current liabilities
B. Contingent liabilities
C. Fixed liabilities
D. All of the above
Answer: Option B
Solution(By Examveda Team)
Contingent liabilities is not included in the total of Balance Sheet. The contingent liability will be disclosed in the notes to the financial statements.Related Questions on Accounting
Accounting provides information on
A. Cost and income for managers
B. Company's tax liability for a particular year
C. Financial conditions of an institutions
D. All of the above
The long term assets that have no physical existence but are rights that have value is known as
A. Current assets
B. Fixed assets
C. Intangible assets
D. Investments
The assets that can be converted into cash within a short period (i.e. 1 year or less) are known as
A. Current assets
B. Fixed assets
C. Intangible assets
D. Investments
Patents, Copyrights and Trademarks are
A. Current assets
B. Fixed assets
C. Intangible assets
D. Investments
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