Question

Income tax under dispute is shown under



current assets

current liabilities

contingent liability

loans & advances​

Answer 1

Answer:

loans and advances

Explanation:

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Answer 2

Answer:

Income tax under dispute is shown under contingent liability

Explanation:

• In the ordinary course of business of the entity within the current fiscal year or operating cycle or fiscal year, current assets are those assets that can reasonably be expected to be sold, consumed or exhausted.
• Current liabilities are liabilities that an entity expects to settle in the short term using assets recognized on its balance sheet.
• Typical current liabilities include accounts payable, salaries, taxes, and deferred revenue (services or products for which money has already been received but not yet provided).
• Contingent liabilities are liabilities that may arise as a result of uncertain future events. A contingent liability is recognized when it is probable that the liability is probable and the amount of the liability can be reasonably estimated. Both GAAP and IFRS require companies to recognize contingent liabilities.
• Loan means any direct or indirect advance of funds (including commercial/business obligations as a manufacturer or endorser resulting from discounting his papers) made to an individual on the basis of an obligation to repay the funds.

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