Modeling Best Practices There are various best practices when it comes to entering data. Which of the following is a best practice for financial model inputs? Always lock input cells Document every change to the model Use complex calculations to minimize space in the model Data should only be entered once

Modeling Best Practices There are various best practices when it comes to entering data. Which of the following is a best practice for financial model inputs? Always lock input cells Document every change to the model Use complex calculations to minimize space in the model Data should only be entered once

Auditing: A Risk Based-Approach (MindTap Course List)

11th Edition

ISBN:9781337619455

Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Chapter8: Specialized Audit Tools: Attributes Sampling, Monetary Unit Sampling, And Data Analytics Tools

Section: Chapter Questions

Problem 38CYBK

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7 out of 15 Modeling Best Practices There are various best practices when it comes to entering data. Which of the following is a best practice for financial model inputs? Data should only be entered once Use complex calculations to minimize space in the model Always lock input cells Document every change to the model Review Later
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Use both the TVM equations and a financial calculator to find the following values. (Hint: If you are using a financial calculator, you can enter the known values and then press the appropriate key to find the unknown variable. Then, without clearing the TVM register, you can "override" the variable that changes by simply entering a new value for it and then pressing the key for the unknown variable to obtain the second answer. This procedure can be used in parts b and d, and in many other situations, to see how changes in input variables affect the output variable.) Do not round intermediate calculations. Round your answers to the nearest cent. a. An initial $500 compounded for 10 years at 3%. $ b. An initial $500 compounded for 10 years at 6%. S C. The present value of $500 due in 10 years at a 3% discount rate. S d. The present value of $500 due in 10 years at a 6% discount rate. $
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Find the following values, using the equations, and then work the problems using a financial calculator to check your answers. Disregard rounding differences. (Hint: If you are using a financial calculator, you can enter the known values and then press the appropriate key to find the unknown variable. Then, without clearing the TVM register, you can "override" the variable that changes by simply entering a new value for it and then pressing the key for the unknown variable to obtain the second answer. This procedure can be used in parts b and d, and in many other situations, to see how changes in input variables affect the output variable.) Do not round intermediate calculations. Round your answers to the nearest cent. An initial $400 compounded for 1 year at 9.5%. $ An initial $400 compounded for 2 years at 9.5%. $ The present value of $400 due in 1 year at a discount rate of 9.5%. $ The present value of $400 due in 2 years at a discount rate of 9.5%. $
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