The Description of 'Probable' in the AASB Framework Means That

question 57

Multiple Choice

The description of 'probable' in the AASB Framework means that:

• A) Assessments of the degree of uncertainty attaching to the flow of economic benefits are made on the basis of evidence.
• B) Assets will be recognised if the expected probability of future benefits arising is less than 50 per cent.
• C) A high degree of professional judgement may be required in preparing accounting reports.
• D) Assessments of the degree of uncertainty and a high degree of professional judgement may be required in preparing accounting reports.

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Definitions:

Private Employment Agency

An organization that matches employers with job seekers for a fee.

Executive Search Firms

Companies specialized in recruiting executive-level personnel for other organizations, often for senior positions needing specific expertise.

On-campus Recruiting

The process by which employers visit universities and colleges to recruit directly from the graduating student population.

Buffer

A management or financial strategy to maintain a reserve or cushion to mitigate risks or unforeseen circumstances.