The deviations between estimated regression line and the vertical deviations are classified as ____________?
Correct answer: D. residual terms
- A. fixed terms
- B. indexed terms
- C. variable terms
- D. residual terms
Explanation
A residual is the vertical difference between an observed value and the value predicted by the regression line. These deviations may be positive or negative depending on whether the actual value lies above or below the line.
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About Cost Accounting
Cost accounting measures and analyses the cost of producing goods or providing services for planning, control and pricing decisions. It covers direct and indirect costs, fixed and variable costs, job and process costing, break-even analysis, marginal costing, overhead allocation, and the difference between product cost and period cost.
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