The Use of Surveys of Experts to Estimate Long-Run Production

question 76

Multiple Choice

The use of surveys of experts to estimate long-run production costs may be undermined by the fact that:

• A)it is a time-consuming process.
• B)it is dependent on the judgments of individuals closely connected with the industry.
• C)reporting biases can occur.
• D)all of the above.

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Definitions:

Bank Reconciliation

The process of comparing and adjusting the balance shown in a company's bank statement with the amount shown in the company's own records.

Outstanding Checks

Checks that have been written and recorded in the payer's accounting system but have not yet been cashed or cleared by the bank.

Balance Per Bank

The balance as per bank refers to the amount of money shown in the bank's records as available in an account.

NSF Check

A cheque that has been returned by the bank because the account on which it was drawn did not have sufficient funds, stands for Non-Sufficient Funds.