Auditing Accounting Estimates (1) Flashcards
1
Q
What is an exmaple of accounting estimate?
A
Ascertaining an estimated useful life for a non-current asset
2
Q
Other examples of accounting estimates? (receivables)
A
Allowances for receivables
3
Q
Other examples of accounting estimates? (provisions)
A
Provisions for litigation settlements
4
Q
Other examples of accounting estimates? (inventory)
A
Inventory obsolescense
5
Q
Other examples of accounting estimates? (accrued)
A
Accrued revenue
6
Q
Other examples of accounting estimates? (warranty)
A
Warranty obligations
