FASB Established the Use of the Terms "Probable, " "Reasonably

question 94

Multiple Choice

FASB established the use of the terms "probable, " "reasonably possible, " and "remote." It adopted these terms because

• A)the available statistical techniques are not exact enough
• B)future events can vary over a wide range
• C)future gains are not easy to estimate
• D)unnecessary estimates should not be recorded in the financial records

---

Definitions:

Adolescence

The transitional stage of physical and psychological development that generally occurs during the period from puberty to legal adulthood.

Neo-Freudian Psychologist

Psychologists who extended Freud's theories, introducing their own concepts that emphasize social and cultural influences on personality.

Erik Erikson

A developmental psychologist known for his theory on the psychological development of humans, outlining eight stages from infancy to adulthood focusing on psychosocial challenges.

Conflicts Throughout Lifespans

The various internal and external struggles individuals face at different stages of life, from childhood through adulthood into old age, impacting development and well-being.