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What is the difference between asset and contingent asset?

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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.

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