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Which one of the following was not popular in the early 1960s?
Reasonably Possible Loss
A loss that is not assured but has a good chance of occurring, requiring disclosure in financial statements if quantifiable and material.
Losses Accrued
Expenses that have been incurred but not yet paid or recorded in the financial statements.
Probable Loss
An expected financial loss from contingent liabilities that can be reasonably estimated.
Estimable Loss
A potential financial loss that can be predicted or estimated in terms of its amount or impact.
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