Skip to content

Financiopedia

An educational website on accounting and finance
  • Financial Accounting
    • Basics of accounting
    • Double-entry accounting system
    • Accounting cycle
    • Accounting principles
    • Bookkeeping
    • Accounting of assets
    • Property, plant and equipment
    • Financial instruments
    • Inventory
    • Accounts receivable
    • Accounting of liabilities
    • IFRS
  • Management Accounting
    • Introduction
    • Relevant costing
    • Cost of Goods Sold Statement
    • Marginal and Absorption Costing
    • Inventory Valuation
    • Inventory Management
  • About Us
  • Contact Us

Author: Khayyam Javaid, ACA

Liability vs Provision vs Contingent Liability

January 5, 2021 Khayyam Javaid, ACA

Liabilities, provisions, and contingent liabilities are closely related terms and can easily be confused with one another. In this post,…

Continue Reading →

Posted in: Accounting of liabilities, Financial Accounting

Contingent liabilities

Khayyam Javaid, ACA

Contingency means a possible event that can happen in the future but the happening of that event cannot be predicted…

Continue Reading →

Posted in: Accounting of liabilities, Financial Accounting

Provision for environmental costs

Khayyam Javaid, ACA

When a company sets up a long-term asset such as an oil rig, a power plant or a large processing…

Continue Reading →

Posted in: Accounting of liabilities, Financial Accounting

Provision for dismantling costs

Khayyam Javaid, ACA

When a company sets up a long-term asset such as an oil rig or a processing plant, it assumes an…

Continue Reading →

Posted in: Accounting of liabilities, Financial Accounting

Provision for onerous contract

Khayyam Javaid, ACA

A contract become onerous if the unavoidable costs related to the contract exceed the expected benefits expected to be received…

Continue Reading →

Posted in: Accounting of liabilities, Financial Accounting

Provision for warranty

Khayyam Javaid, ACA

Warranty is often given by companies selling certain products such as electronic items for e.g., cell phones, laptops etc. Similarly,…

Continue Reading →

Posted in: Accounting of liabilities, Financial Accounting

Provisions

Khayyam Javaid, ACA

As defined by IAS 37, a provision is a liability of uncertain timing or amount. To understand this definition, one…

Continue Reading →

Posted in: Accounting of liabilities, Financial Accounting

Search for unrecorded liabilities

Khayyam Javaid, ACA

To ensure the completeness of liabilities, auditors often perform a test called search for unrecorded liabilities. However, accountants preparing the…

Continue Reading →

Posted in: Accounting of liabilities, Financial Accounting

Accrued liabilities

Khayyam Javaid, ACA

Accrued liabilities represent an entity’s obligations related to expenses that have been incurred but not yet paid. But why are…

Continue Reading →

Posted in: Accounting of liabilities, Financial Accounting

Accounts payable ageing

Khayyam Javaid, ACA

Accounts payable ageing analysis is a useful analysis based on the accounts payable ageing report. But what is an accounts…

Continue Reading →

Posted in: Accounting of liabilities, Financial Accounting

Post navigation

Page 1 of 16
1 2 … 16 Next →

Recent Posts

  • Liability vs Provision vs Contingent Liability
  • Contingent liabilities
  • Provision for environmental costs

Recent Comments

    Archives

    • January 2021
    • December 2020
    • November 2020
    • October 2020
    • September 2020
    • August 2020
    • April 2018
    • March 2018
    • January 2018
    • October 2017

    Pages

    • About Us
    • Contact Us
    • Home
    • Posts
    • Privacy Policy

    Contact Us

    • Email
      khayyamjavaid@yahoo.com
    • Phone
      +923335011567
    • Financial Accounting
    • Management Accounting
    Copyright © 2021 Financiopedia — Escapade WordPress theme by GoDaddy