subject accounting :-     QUESTION 1 With reference to statutory provisions and decided cases, define "consideration" and explain THREE (3) types of consideration.    QUESTION 2 An agreement is voidable if there is misrepresentation or fraud which induces the innocent party to enter into the agreement. With reference to statutory provisions and decided cases, explain the above statement

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Contingent Liabilities and Provisions

A contingent liability can be defined as a liability the occurrence of which is dependent upon the happening of an uncertain future event. It is generally recorded in the books only when the amount of liability can be reasonably estimated and the contingency is likely to occur shortly.