contingent asset

A contingent asset is a possible asset connected with a contingent achieve. Unlike contingent liabilities and contingent losses, contingent assets and contingent achieve is not evidence in accounts, even when they are likely and the amount can be predictable.

Balance Sheet

Balance Sheet: Learning Objectives: Define and explain balance sheet. How is a balance sheet prepared? What are the objectives of preparing a balance sheet? Definition and Explanation: A balance sheet is a statement drawn up at the end of each trading period stating therein