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✨ EY Prep 🩷
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Audit
🟡 Medium
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What are accounting estimates? Give examples from the test paper.
A.
Exact calculations of tax liabilities based on published rates
B.
Management judgements about uncertain amounts — e.g. bad debt provision, depreciation, warranty liabilities
C.
Estimates provided by the external auditor to help management
D.
Approximate figures used only in management accounts, not statutory accounts