Intentional misstatement of estimates
A)are highly unusual in financial reporting.
B)do not have any impact on earnings.
C)are unlikely to draw attention from the external auditor if they fall within acceptable ranges.
D)are acceptable under GAAP.

Question

Quizplus · Accepted Answer

Intentional misstatements of estimates that fall within acceptable ranges may not be easily detected by external auditors, as they might appear reasonable and within the bounds of professional judgment.

Intentional Misstatement of Estimates