In Accounting for Liabilities, IFRS Interprets "Probable" As

question 28

Multiple Choice

In accounting for liabilities, IFRS interprets "probable" as:

• A) likely.
• B) more likely than not.
• C) somewhat possible.
• D) possible and not remote.

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Definitions:

Potential Lender

An individual or institution considering the provision of loans or credit to businesses or individuals, assessing risk and return before decision-making.

Small Business Manager

A person responsible for directing the operations, managing the staff, and ensuring the profitability of a small business.

Actions

The steps or measures taken to achieve a particular goal, often planned and executed to effect change or produce a desired outcome.

Business

Commercial activity where goods or services are exchanged for one another or for money, with the main aim of earning profits.