List the Three-Steps of the Adjusting Process

question 159

Short Answer

List the three-steps of the adjusting process.

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Definitions:

Reasonably Possible

A term used to describe the likelihood of an event occurring that is more than remote but less than probable, often used in financial reporting.

Not Estimable

A term indicating that something cannot have its value, size, or amount accurately determined or calculated.

Contingent Liability

A potential financial obligation that may arise in the future, depending on the occurrence or non-occurrence of one or more uncertain events.

Probable

A term often used in accounting and finance to describe an event or action that is likely to occur based on current evidence.