Start networking and exchanging professional insights

Register now or log in to join your professional community.

Follow

It is acceptable that some adjusting entries contain estimated amounts: True or False ?

user-image
Question added by عيسى ابو الهيش , General Accountant , Al Faisaliah Medical System (FMS)
Date Posted: 2016/10/19
MARLON QUILANG ASUNCION
by MARLON QUILANG ASUNCION , Senior Accountant , Al Shouhra Trading Co., W.L.L. (Chalhoub Group)

It will be acceptable only provided the estimated amount was a measurable one, meaning there was a basis on the estimate and the certainty of the transaction to occur or materialize is most likely to happen.

Faisal Kamran
by Faisal Kamran , Manager Finance , Perfect Finish Coatings LLC

False because adjusting entries are made to adjust previous provisions or estimations.

More Questions Like This

Do you need help in adding the right keywords to your CV? Let our CV writing experts help you.