If a Model Produces Numerically Correct Values for the Outputs

question 90

Multiple Choice

If a model produces numerically correct values for the outputs for any legitimate values of inputs, it is said to be

• A) flexible
• B) adjustable
• C) a transformation
• D) accurate
• E) inaccurate

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Definitions:

Internal Control System

An internal control system encompasses the rules, procedures, and measures implemented by an organization to safeguard assets, enhance the reliability of financial reports, and ensure compliance with laws and regulations.

Systems Design

The process of defining the architecture, components, modules, interfaces, and data for a system to satisfy specified requirements.

Cash Equivalents

Short-term, highly liquid investments that are easily convertible into known amounts of cash with original maturities of three months or less.

Highly Liquid

Describes assets that can be quickly and easily converted into cash with minimal impact on their value.