An approximation of a monetary amount in the absence of a precise means of measurement is known as ________.
A)estimation uncertainty
B)an accounting estimate
C)management bias
D)management's point estimate

Question

Quizplus · Accepted Answer

An accounting estimate is an approximation of a monetary amount when a precise means of measurement is unavailable. Estimation uncertainty and management bias refer to factors that can affect the accuracy of an accounting estimate, while management's point estimate is a specific value assigned by management based on their judgment and analysis.

An Approximation of a Monetary Amount in the Absence of a Precise