ASC 450 (Previously SFAS No

question 53

True/False

ASC 450 (previously SFAS No.5,"Accounting for Contingencies")requires the accrual and disclosure of probable contingent losses that can be reasonably estimated.

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Definitions:

Portfolio Return

The overall gain or loss generated by an investment portfolio over a particular period of time, taking into account both capital gains and income received.

Expected Return

The anticipated average return from an investment based on its probable profits.

Recession

A period of temporary economic decline during which trade and industrial activity are reduced, generally identified by a fall in GDP in two successive quarters.

Portfolio

A group of various financial instruments such as stocks, bonds, commodities, and cash or cash-like assets, including mutual funds and exchange-traded funds.