FASB Established the Use of the Terms "Probable," "Reasonably Possible

question 10

Multiple Choice

FASB established the use of the terms "probable," "reasonably possible," and "remote." It adopted these terms because

• A) the available statistical techniques are not exact enough
• B) the likelihood of ccurrence of future events can vary over a wide range
• C) future gains are not easy to estimate
• D) unnecessary estimates should not be recorded in the financial records

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Definitions:

Humanness

The quality or condition of being human, encompassing human attributes, behaviors, and feelings.

Living Caring

The practice of nurturing and supporting life in a compassionate and attentive manner.

Authentic Presence

The genuine and transparent engagement of an individual in the moment, often emphasized in therapeutic and caring relationships.

Predetermined Plan

A strategy or course of action decided in advance of execution, often set to achieve a specific goal.