Quiz – Contingent Assets – MCQ – Accounting Capital Premium

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Time Limit: Unlimited
Level: Easy to Medium
Question Type: MCQs
Passing Score: 90%
No. of Questions: 14

Quiz – Contingent Assets – MCQ

Gain from possible merger is an example of contingent asset.

Contingent Assets are recorded in the year when they become virtually certain.

Contingent Assets are treated like Contingent liabilities.

The word ‘Contingency’ means _____.

Contingent assets should be recorded when they are probable.

Which of the following is not an example of contingent assets?

Contingent assets are also known as _____.

Contingent assets are disclosed in _____.

Contingent assets are shown in the balance sheet.

Which of the following is an example of contingent assets?

Contingent asset is realized when it becomes _____.

Contingent assets depend on a future _____ event.

Contingent asset is a possible _____ dependent on a future uncertain event.

Contingent assets are not recognized in the financial statements due to _____ concept.

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