Identify two examples of financial judgments that could have a significant impact on the financial statements.
Identify two examples of financial judgments that could have a significant impact on the financial statements.
Homework Answers
Answer:
Financial judgements refer to those judgements which effects the financial figures shown in the financial statements.
For example:
1. Judgement regarding the percentage of Allowance for Doubtful Debt - Will effect the provision made for doubtful debt.
2. Judgment regarding the useful life of the asset - Will effect the computation of deprection amount.
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