Which of the following are categories that do not reflect the contingent nature of losses and the guiding criteria organized around probability of outcomes as provided by the FASB?
A) Guaranteed.
B) Reasonably possible.
C) Remote.
D) Probable.

Question

Quizplus · Accepted Answer

The category of "guaranteed" does not reflect the contingent nature of losses, as it implies a certain and definite outcome rather than a probability-based assessment. The other categories (reasonably possible, remote, probable) reflect the guiding criteria of the FASB which are based on the probability of outcomes.

Which of the Following Are Categories That Do Not Reflect