INTERVIEW QUESTIONS ACCOUNTING PROCESS CONTINGENT ASSETS AND CONTINGENT LIABILITIES DETAILS

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

Answer: (d) All of the above
Description: The measurement of certain assets and liabilities is based on estimates of uncertain future events. Therefore, management makes various estimates and assumptions of assets, liabilities, incomes, expenses as on the date of preparation of financial statements, such as estimates are made in connection with the computation of amortization, impairment losses as well as employee benefit obligations, inventory obsolescence.

(d) All of the above
Description: The measurement of certain assets and liabilities is based on estimates of uncertain future events. Therefore, management makes various estimates and assumptions of assets, liabilities, incomes, expenses as on the date of preparation of financial statements, such as estimates are made in connection with the computation of amortization, impairment losses as well as employee benefit obligations, inventory obsolescence. Source: CoolInterview.com

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