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Contingent liabilities include different liabilities like warranty costs, injury claims, lawsuits etc. Each of the expenses are treated differently and it should satisfy a set of conditions before realizing.General accepted accounting principles (GAAP) have some guidelines for recognition, measurement and reporting for contingent liabilities. These are explained below −IdentificationFirst step in identification is to determine the odds of each contingency occurring and then, they should be classified based on probable, possible or remote.Reevaluate the items, if there are any changes (if increase in percentage of contingency or not).Write the reasonable liabilities in footnotes.Finally, probable liabilities are listed in financial statements ... Read More
A Database Management System (DBMS) is a mix of computer software, hardware, and data intended to electronically control information by means of computer preparation.Two sorts of database management systems are DBMS and FMS.In straightforward terms, a File Management System (FMS) is a Database Management System that enables access to single records or tables at once.FMS oblige level records that have no connection to different documents.The FMS was the ancestor for the Database Management System (DBMS), which enables access to various records or tables at once.We have to utilize circle stockpiling for the database, and to exchange pieces of information between ... Read More
Contingent liabilities and provisions are governed by the international accounting standards 37 (IAS 37). The main objective is to match asset and liabilities = income and expenses in a particular financial year, so that the financial statements reflect in a realistic manner.ProvisionIt is the present obligation that arises due to previous events. Provision decreases asset values. This is for bad debts and doubtful debts are commonly recorded debts.Over provision or under provision are recognised by comparing with the previous years and are charged in an income statement. Provision amount is decided on the company’s policy.The basic accounting treatment for provision ... Read More
File organization is the way of storing data in the file. It is very useful as it determines ways of accessing it, storing it while maintaining the flexibility of the system.Role of file organizationHence, the roles of file organization are as follows −It provides flexibility.Easy access of data in files.Easy storage.Decrease the complexity of the overall system and files are stored and well maintained.Provide security to data.Saves users time in searching for particular information / data in file as every data is arranged so nicely.MethodsThe methods of file organization are as follows −ContiguousData and files are arranged in contiguous address ... Read More
Let us begin by understanding the hashed file organisation.Hashed File OrganisationHashed file organisation is also called a direct file organisation.In this method, for storing the records a hash function is calculated, which provides the address of the block to store the record. Any type of mathematical function can be used as a hash function. It can be simple or complex.Hash function is applied to columns or attributes to get the block address. The records are stored randomly. So, it is also known as Direct or Random file organization.If the generated hash function is on the column which is considered as ... Read More
Indexing is one of the techniques used to optimize performance of a database by reducing the number of disk accesses that are required when a query is processed.A database index is a data structure that is helpful to quickly locate and access the data in a database table.Indexes are created using database columns.The first column is the Search key which contains a copy of the primary key or candidate key of the table.The second column is the data reference that contains a set of pointers which hold the address of the disk block where the key value can be found.Structure ... Read More
Liability is the amount owed to a creditor. Long term and short term liabilities are the types of liabilities.Long term liabilities are expected to pay over the years or the time frame is more than a year. However, short term liabilities are expected to pay within a year.A contingent liability is the liability which may or may not occur. That means the contingent liability will depend on future events.AccountingLiability is accounted for immediately as you owe the obligation. Amount is recorded in books as accounts or notes payable.Contingent account is accounted for only when the obligation is probable and amount ... Read More
Database failure is a quite common problem of information technology. It can occur even with good database system software. There may be a simple error which can lead to loss of the complete database.Causes of database failureSome of the causes for database failure are as follows −Database file corruptionIf a file in the database is corrupted or damaged, it can lead to the database failure. The file can become corrupt due to the following reasons −Changes in the SQL Server account.Accidental data deletion.File header corruption.Errors in accessing the data.InterruptionWhen the server or computer is not shut down properly or during ... Read More
Liabilities are current obligations which arise from the previous events. Settling these obligations causes the outflow of resources by decreasing their economic benefits. In simple words, liabilities are debt owed to others (may be a company or a person).The main types of liabilities are current liabilities, non-current liabilities and contingent liabilities.Current liabilitiesThese are also called short term liabilities. These liabilities are paid before 12 months or a year. Companies will have to look at their liquidity to guarantee these debts and ensure they can be met. Examples are accounts payable, income tax payable, interest payable, accrued expenses.Non-current liabilitiesThese are also ... Read More
For existence purposes, business incurs various expenditures. Some will have long term impact in profit making and some will have short term impact. To increase the business efficiency and get higher returns is the main reason by incurring expenditure.There are two types of expenditures which are capital expenditures and revenue expenditures respectively.Capital expenditureThese are expenditures incurred for long term benefits. The main purpose is to enhance the existing ones or to add a new asset. These are recorded on the asset side (balance sheet). Organizations increase operating capability by spending expenditure on land, equipment, furniture etc.Revenue expenditureThis expenditure is incurred ... Read More