(Solved): The fanancial statements contain many estimates for various income stabement and balance sheet items ...

The fanancial statements contain many estimates for various income stabement and balance sheet items. Because of their nature. rink factori of accounting estimates daring riak asoevument. For each sifuation linted below, select the appropriate inherent riak factor that is demonstrated. fach inflerent rikk factor can be uned once, more than once, or not at all. a. A dient is estimating an amount that may be owed pending the outoome of a buruit that may tabe several years to resolve. b. Management hires a specialist to assist with debermining the walue of an inventory of precious gemistones. c. Due to a globy pardemle, the arfine industry is experiencing unprecedented distuption of normal buniness operations. d. Mansement is estimating the fair value for a derivative financial instrument that is not praded on a poblic market.