A contingent liability may be defined as a possible obligation that arises from past events and depends on the outcome of an uncertain future event. CONTINGENT LIABILITIES are those liabilities which may arise when certain claims are settled in the near future. So anything that is under litigation or liability is not ascertained as to…
Reconciliation is a financial process that compares internal financial statements with external sources to identify discrepancies and maintain financial reliability. Reconciliation is a financial process that compares transactions and activity to supporting documentation and resolving any discrepancies that may have been discovered. Inter-office adjustments are differences that may occur due to incomplete recording of transactions…