In which of the following cases, accounting estimates are needed? a) Employs benefit schemes b) Impairment of losses c) Inventory obsolescence d) All of the above

In which of the following cases, accounting estimates are needed?  
a) Employs benefit schemes  
b) Impairment of losses  
c) Inventory obsolescence
d) All of the above
by

1 Answer

Answer :

d) All of the above
by

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Which of the following is least likely to be required on an audit? a. Review accounting estimates for biases. b. Test appropriateness of journal entries and adjustment. c. Make a legal determination of whether fraud has occurred. d. Evaluate the business rationale for significant unusual transactions

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Which of the following is least likely to be required on an audit? a. Review accounting estimates for biases b. Test appropriateness of journal entries and adjustment c. Make a legal determination of whether fraud has occurred d. Evaluate the business rationale for significant, unusual transactions

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How many remodeling estimates are needed before we begin the remodel?

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If the ending inventory is overstated by2000 at the end of the accounting period then?

Description : If the ending inventory is overstated by2000 at the end of the accounting period then?

Last Answer : Feel Free to Answer

According to the Accounting Standard (AS)-2, the inventory is to be valued at which one of the following ? (A) Actual cost or sales value, whichever is lower (B) Historical cost (C) Net realizable value (D) Historical cost or net realizable value, whichever is lower

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Which of the following is an example of fraudulent financial reporting? a. Misappropriating collections on accounts receivable b. Using inappropriate assumptions in accounting estimate c. Stealing inventory d. Payments to fictitious employees or vendors

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Last Answer : Using inappropriate assumptions in accounting estimate

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Last Answer : b. determine cost of goods sold for the period.

A physical count of inventory is taken at the end of an accounting period under a perpetual system in order to a. verify the accuracy of the accounting records. b. determine cost of goods sold for the period. c. determine the amount of inventory purchased during the period. d. calculate property taxes.

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Last Answer : a. verify the accuracy of the accounting records.

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Last Answer : a. must have a computer accounting system.

Which of the following is a true statement about inventory systems? a. Periodic inventory systems require more detailed inventory records. b. Perpetual inventory systems require more detailed inventory records. c. A periodic system requires cost of goods sold be determined after each sale. d. A perpetual system determines cost of goods sold only at the end of the accounting period.

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Last Answer : b. periodic inventory system.

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Last Answer : b. a periodic inventory system.