Start networking and exchanging professional insights

Register now or log in to join your professional community.

Follow

What is the difference between asset and contingent asset?

user-image
Question added by Muhammad Kamran Gunjial , Assistant Accountant , 786 Solution
Date Posted: 2016/04/02
Ahsan Iqbal
by Ahsan Iqbal , Tele Sales Officer , Dbay Communications Ltd.

Asset: An asset is a economic resource which is controlled by entity with probable future economic benefit or positive economic value to entity. May be tangible or intangible. Recorded in Balance Sheet.

 

Contingent Asset: An contingent asset is an asset whose existence depend on some future events occurrence or non-occurrence which are not under the control of entity.

More Questions Like This

Do you need help in adding the right keywords to your CV? Let our CV writing experts help you.