The Deterministic (Non-Simulation)approach,using Best Guesses for the Uncertain Inputs,is

question 23

Multiple Choice

The deterministic (non-simulation) approach,using best guesses for the uncertain inputs,is

• A)better to use in complicated real-world applications.
• B)a good estimate of what the answer will be using a simulation approach.
• C)generally not the appropriate model.
• D)the preferred approach when there is correlation between input variables.

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Definitions:

Adjusting Entry

A journal entry made at the end of an accounting period to allocate income and expenditure to the appropriate period for a more accurate financial report.

Salaries Payable

An accounting liability representing the amounts owed to employees for work performed but not yet paid.

Adjusting Entry

Journal entries made at the end of an accounting period to update account balances to their correct amounts before the preparation of financial statements.

Interest Receivable

An accounting term representing the interest income that has been earned but not yet received in cash.