Examlex
ABC Corporation should create a crisis management team that is not cross-functional, but does work together well under pressure.
Liability
A company's financial debt or obligations that arise during the course of its business operations.
Probable Loss
An estimated loss from a contingent liability that is likely to occur and can be reasonably estimated.
Reasonably Possible
Describes a level of likelihood that something might occur, under consideration in areas like assessments of contingent liabilities.
U.S. GAAP
Generally Accepted Accounting Principles in the United States, a framework of accounting standards, principles, and procedures used in the compilation of financial statements.
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