In Practice, Estimating Processes Are Frequently Classified as

question 24

Multiple Choice

In practice, estimating processes are frequently classified as

• A) top down / bottom up.
• B) rough / polished.
• C) precise / order of magnitude.
• D) draft / final.
• E) broad / specific.

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Definitions:

Financial Information

Data that reveals the monetary performance, position, and cash flows of an entity, used by stakeholders to make decisions.

Financial Accounting

The branch of accounting that involves the process of recording, summarizing, and reporting the myriad of transactions resulting from business operations over a period of time.

Managerial Accounting

The practice of analyzing, interpreting, and presenting financial information for internal management use in planning, decision-making, and operational control.

Management

The process of dealing with or controlling things or people, often within the context of a business or organization.