Identify and Define the Three Classifications Prescribed by SFAS No

question 5

Essay

Identify and define the three classifications prescribed by SFAS No. 5 to identify the range of possibilities for the likelihood of a confirming event for contingent liabilities. Describe the accounting action to be taken for each term.

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Definitions:

Stem-and-Leaf Display

A graphical method of displaying quantitative data to show its shape and distribution, combining aspects of a histogram and scatter plot.

Data Set

A collection of data points or values related to a subject.

Leaf

In the context of data representation, a part of a stem-and-leaf plot representing the smallest significant digit of data points.

Stem-and-Leaf Display

A graphical method used to represent quantitative data where each data value is split into a "stem" (the leading digit(s)) and a "leaf" (the last digit).