Estimate, Benchmarking, & Other Measurement Tools

Question 1

estimate

Answer 1

a judgment that takes the place of actual measuring or counting or testing out

Question 2

common uses of estimates

Answer 2

1. timeliness consideration deadlines
2. cost/benefit considerations estimates
3. lack of data estimates
4. internal monthly statements estimates

Question 3

benchmarking

Answer 3

the continuous process of measuring products, services, and activities compared to the best levels of performance

Question 4

types of benchmarking

Answer 4

• a financial variable reported in an accounting system
• a financial variable not reported in an accounting system
• a non-financial variable