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Replace Field Settings in the Accounting Contract

Replace Field Settings in the Accounting Contract

Aug 6th, 2022

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How to Replace Field Settings in the Accounting Contract

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In this session, Professor Forhat discusses accounting changes, focusing specifically on changes in accounting estimates. Companies frequently make estimates in their financial records, such as in calculating bad debt expense or warranty expense. These estimates are necessary because the exact future expenses are unknown at the time of booking. For instance, when a company sells a product with a warranty, it must estimate the related warranty expense. Additionally, costs may need to be spread over various periods of benefit. Understanding these estimates is crucial for accurate financial reporting and forecasting.

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