________ Is the Attempt to Duplicate the Features, Appearance, and Characteristics

question 7

Short Answer

________ is the attempt to duplicate the features, appearance, and characteristics of a real system, usually via a computerized model.

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Definitions:

Warranty Claims

Requests made by customers for the repair or replacement of products under the terms of a warranty agreement.

AASB 137

The Australian Accounting Standards Board standard that deals with Provisions, Contingent Liabilities, and Contingent Assets.

Provisions

Liabilities of uncertain timing or amount, recorded to account for future obligations or potential losses.

Contingent Liabilities

Possible obligations that arise from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the entity.