Question

accepatance endorsement comes under....schedule​

Answer 1

Answer:

Acceptances, endorsements and other obligations basically represents the bills accepted or endorsed by the bank on behalf of its customers. A bank has to disclose all it's acceptances, endorsements and other obligations under the head Contingent Liability on the face of the balance sheet. It's an off balance sheet item, for informative purpose.

Answer 2

Answer:

Contingent Liability

Explanation:

Contingent Liability meaning:

Liability that may arise depending on the outcome of a specific event is called contingent liability. It is a possible obligation that may or may not occur depending on how a future event unfolds. It is recorded when it can be estimated, else it should be disclosed.

It is a liability or a possible loss that may occur in the future depending on the outcome of a specific event.

Examples of contingent liability are: Potential lawsuits, product warranties, and pending investigations.

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