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It is inefficient to record all cash payments in a general journal.
Prediction Interval
A range of values within which a future observation is expected to fall, with a certain probability.
Confidence Interval
A spread of values obtained from statistical scrutiny of samples, presumed to potentially contain the value of an undetermined population parameter.
Confidence Interval Estimate
An interval of values calculated from a sample that is expected to include the value of an unseen population parameter, with a certain degree of confidence.
Prediction Interval
An estimate of an interval in which future observations will fall, with a certain probability, given what has already been observed.
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