The goodness of fit is used to measure the wellness of ________?
Correct answer: B. predicted values
- A. actual values
- B. predicted values
- C. residual values
- D. indexed values
Explanation
Goodness of fit shows how well the model’s predicted values correspond to the actual observed values, often through R² or related measures. Thus, the focus is on the performance of the predicted values.
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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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