Estimates are used in many instances when recording a company's results of operations. Which of the following would NOT require an estimate to be made?

Question

Quizplus · Accepted Answer

Wages earned do not require an estimate as they are typically recorded based on actual hours worked and the hourly rate of pay. Uncollectible accounts require an estimate of the amount that is unlikely to be collected, contract percentage of completion requires an estimate of the percentage of the contract that has been completed, and expected life of machinery requires an estimate of how long the machinery is expected to be used before it needs to be replaced.

Estimates Are Used in Many Instances When Recording a Company's