Question

which cases accounting estimated are needed

Answer 1

For these items, estimation is necessary. Accounting estimates are those which approximate a monetary amount in absence of precise values. Estimates are inherent in many accounting topics such as fair value, impairment, collectability, obsolescence, realizable value, and accrued expenses.

Answer 2

The answer is fair value, obsolesce, accrued expense:

Explanation:

• When there is an effect of the carrying amount of already existing assets and liabilities,
• a change in accounting estimate is required so that future transactions and working can be performed easily.
• So that the work is more fluid and simple.

• Estimation is required for these goods.
• Accounting estimates are monetary amounts that are approximated in the absence of specific values.
• Many accounting concerns, such as fair value, impairment, collectability, obsolescence, realisable value, and accrued expenses, need estimates.