One of the Advantages of Simulation Is That

question 76

Multiple Choice

One of the advantages of simulation is that

• A) real-world complications can be included that most OM models cannot permit
• B) it always generates a more accurate solution than a mathematical solution
• C) it is a trial-and-error approach that may produce different solutions in repeated runs
• D) model development is less time consuming than for mathematical models
• E) model solutions are transferable to a wide variety of problems

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Definitions:

Transactions Affect

Refers to the impact that business transactions have on the financial statements, altering the balances of accounts.

Time Period

In accounting, a specific duration for which financial statements are prepared, commonly a month, quarter, or year.

Unearned Revenues

Money received for services or products that have yet to be delivered or performed; recognized as a liability until the revenue is earned.

Liability Account

An account on a company's balance sheet that represents debts or obligations that the business needs to pay off in the future.