Which of the following is not considered an accounting estimate?

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Travis Johnston asked a question: Which of the following is not considered an accounting estimate?
Asked By: Travis Johnston
Date created: Tue, Jul 6, 2021 3:08 PM
Date updated: Thu, Jun 23, 2022 7:57 PM

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What are the different types of accounting estimates?

  • Examples of Accounting Estimates 1 #1 – Accounts Receivables… 2 #2 – Inventory… 3 #3 – Depreciation Method and Useful Life… 4 #5 – Contingent Liabilities… 5 #6 – Warranty Estimates… 6 # 7 – Pension and Other Post Retirement Obligations… 7 #8 – Credit Losses Allowances…

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31. Which of the following is not considered an accounting estimate? A) Allowance for loan losses. B) Credit Sales. C) Net realizable value of inventory. D) Percentage-of-completion revenue. Answer: B

ACCT. ACCT 3310. Which of the following is not considered an accounting estimate A Allowance for. Which of the following is not considered an. SchoolUniversity of Memphis. Course TitleACCT 3310. Type. Test Prep. Uploaded Byatomickiller22.

Which of the following is not considered an accounting estimate A Allowance for from ACCT 4501 at Brooklyn College, CUNY

Question 25 Which of the following is not considered a change in accounting estimate? Change in an asset's residual value. Change in depreciation method. Change in an asset's useful life, Change in allowance for doubtful accounts. ОО

74. Which of the following is not an example of a change in accounting estimate? A. Change in the estimated loss rate on receivables B. Change in the residual value of natural resources subject to depletion C. Change in the expected warranty costs on goods sold under a warranty D. Change in the expected recovery of a deferred charge

Let us analyse by your options; a) Bad Debts: Professionaly it is not an estimate, it is a neccessary part of company accounting manual and a clear policy is defind in the accounting manual for ranking a debt as a bad debt which is later on followed by a "Writting off Bad Debt" Policy.

The illegal act is a violation of generally accepted accounting principles.B. The client does not take appropriate action after being informed about the illegal act.C. The illegal act was committed during a prior year that was not audited.D. The auditor has already assessed control risk at the maximum level.

Which of the following is not a change in accounting principle? A. a change from double-declining-balance to straight-line depreciation B. a change from completed contracts to percentage-of-completion C. a change from FIFO to LIFO for inventory valuation D. a change from 8 years to 5 years in the useful life of a depreciable asset

Method of depreciation is not an accounting estimate like that of useful life, residual value and doubtful debts. Its is a way of application of accounting principle. Hence a change in depreciation method is considered as a change in accounting principles , but not a change in accounting estimates.

Which of the following is a characteristics of a change in accounting estimate? A. it does not affect the FS of prior periods B. it requires the reporting of pro forma amounts for prior periods C. it never needs to be disclosed D. it should be reported through restatement of the FS

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