The Delphi Method

question 6

Multiple Choice

The Delphi method:

• A) employs interaction among experts in the hope that resulting forecasts embody all available objective and subjective information.
• B) can be influenced by the forceful personality of one or a few key experts.
• C) employs an independent party to elicit a consensus opinion.
• D) assumes that several experts arrive at forecasts that are inferior to those that individuals generate.

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Definitions:

Incurred Expense

Expenses that have been recognized in the accounting period in which they are incurred, regardless of when the payment is made.

Adjusting Process

An analysis and updating of the accounts when financial statements are prepared.

Revenue Recognition Principle

A concept of accounting that states that revenues are recorded when earned, which is when the services have been performed or products have been delivered to customers.

Recorded

The action of entering financial transactions into the accounting records of a business.