Under GAAP, a Provision for a Contingent Loss Is Considered

question 101

Multiple Choice

Under GAAP, a provision for a contingent loss is considered to be probable if the probability of its occurrence is ________.

• A) slight
• B) likely to occur
• C) virtually certain
• D) reasonably possible

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Definitions:

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Broad Categories

General or wide-ranging classifications used to organize content, ideas, objects, or phenomena into groups.

Human Resource Planning

Identifying the numbers and types of employees the organization will require in order to meet its objectives.