Which of the following is the least acceptable measurement for a provision? a. average of a given range of values b. weighted probability of outcomes c. best reasonable estimate from an expert d. actual settlement amount known after release of financial statements

Which of the following is the least acceptable measurement for a provision? a. average of a given range of values b. weighted probability of outcomes c. best reasonable estimate from an expert d. actual settlement amount known after release of financial statements

Auditing: A Risk Based-Approach (MindTap Course List)

11th Edition

ISBN:9781337619455

Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Chapter13: Auditing Debt, Equity, And Long-term Liabilities Requiring Management Estimates

Section: Chapter Questions

Problem 35CYBK

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Question

Which of the following is the least acceptable measurement for a provision?

a. average of a given range of values

b. weighted probability of outcomes

c. best reasonable estimate from an expert

d. actual settlement amount known after release of financial statements

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