【每日一练】CFA 一级（2015年）

Question：

The use of estimates in financial reporting is best described as: 
A. acceptable despite the risk of manipulation by management. 
B. a factor that reduces the understandability of financial statements. 
C. avoidable through sophisticated accounting and auditing techniques. 
 

Answer = A 
The use of estimates creates limitations in the accounting model because estimates provide a vehicle for manipulation by unscrupulous management. However, estimates are considered necessary to the faithful representation of the economic performance and position of a company. 
 

CFA Level I 
"Financial Reporting Mechanics," Thomas R. Robinson, Jan Hendrik van Greuning, Karen O'Connor Rubsam, Elaine Henry and Michael A. Broihahn 
Section 7.1 09

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