Multiple Choice
The FASB and the IASB are reconsidering the role of uncertainty, or probability, in the definition, recognition, and measurement of liabilities.Existing recognition criteria include a probable future sacrifice of resources; one issue involves the minimum probability level to warrant recognition of an uncertain obligation as a liability.U.S.GAAP does not specify a minimum probability level, although the rule-of-thumb in practice is approximately _____ percent.
A) 50
B) 60
C) 70
D) 80
E) 90
Correct Answer:
Verified
Correct Answer:
Verified
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