Which of the following is not a reason justifying the use of accounting estimates?

Question

Quizplus · Accepted Answer

Choice "C" is correct. Accounting estimates are not used to measure future events. (Although, the measurement of some accounts may be uncertain pending the outcome of future events.) Choice "A" is incorrect. Valuation of certain historical accounts is uncertain, and may be dependent upon the outcome of future events. Accounting estimates are used in such situations to more properly reflect the account balance. Choices "B" and "D" are incorrect. If data about past events cannot be accumulated in a timely, cost-effective manner, accounting estimates may be required.

Which of the Following Is Not a Reason Justifying the Use