Qualitative Forecasts Are Most Appropriate When Historical Data Are Available

question 80

True/False

Qualitative forecasts are most appropriate when historical data are available and when the relationships among key variables are expected to remain the same in the future.

---

Definitions:

Bank Statements

Documents issued by banks that summarize the financial transactions (deposits, withdrawals, charges) in an account over a specific period.

Internal Control

Systems and procedures implemented by a company to ensure the integrity of financial and accounting information, promote accountability, and prevent fraud.

Cash Shortages

The situation where the cash on hand is less than the expected amount, often indicating errors or theft.

Accounts Payable

Liabilities of a business that represent amounts owed to creditors for goods and services purchased on credit.