Which of the Following Is Not True About Accounting Estimates

question 33

Multiple Choice

Which of the following is not true about accounting estimates?

• A) Accounting estimates measure the effects of past transactions or events that cannot be determined in a timely cost-effective manner.
• B) Accounting estimates measure the effects of the present status of an asset or liability.
• C) An accounting estimate is an approximation of an account pending the outcome of a future event.
• D) An accounting estimate is an approximation of past events that can be determined on a timely cost effective basis.

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Definitions:

Somatic Cell

Any living organism's cell that excludes those used for reproduction.

Cloned

Cloned refers to the process or product of creating a genetically identical copy of an organism or its cells.

Tumor Suppressor Gene

A gene that protects a cell from one step on the path to cancer. When this gene is mutated to cause a loss or reduction in its function, the cell can progress to cancer.

Growth Factor Gene

A gene that codes for a growth factor, which is a naturally occurring substance capable of stimulating cellular growth, proliferation, and cellular differentiation.