Which of these is not an example of an accounting estimate?
A)Useful life of a depreciable asset
B)Impairment of asset
C)Long service leave provided
D)Accounts payable

Question

Quizplus · Accepted Answer

Accounts payable is not an example of an accounting estimate. It is a recorded liability that represents the amount owed to suppliers or creditors for goods or services purchased on credit. Useful life of a depreciable asset, impairment of asset, and long service leave provided are all examples of accounting estimates as they require management to use judgment and make assumptions when calculating the value or timing of a transaction or event.

Which of These Is Not an Example of an Accounting