Under ASPE, a Liability for a Contingent Loss Is Recorded

question 96

Multiple Choice

Under ASPE, a liability for a contingent loss is recorded if both of the following conditions are met:

• A) occurrence is high and amount cannot be estimated.
• B) amount is reasonably estimated and occurrence is low.
• C) occurrence is low and amount is determinable.
• D) occurrence is high and amount can be reasonable estimated.

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Definitions:

Abnormal Behaviours

Actions, thoughts, or emotions that are atypical within a culture and could relate to a psychological disorder.

Infectious Agents

Microorganisms or pathogens that are capable of causing diseases in their host, including bacteria, viruses, fungi, and parasites.

Diagnosis

The identification of the nature and cause of a certain phenomenon, especially diseases, through examination of the symptoms.

Prognosis

A prediction of the likely outcome or course of a disease, considering various factors like the individual's condition and treatment options.