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1. Which of the following is the most appropriate definition of an alert check?
A check that highlights something in the model user needs to know.
A check that is required that is neither an error check nor a sensitivity check.
A check that is triggered whenever the Balance Sheet does not balance.
2. Alert checks should only be calculated when the model has no error or sensitivity checks triggered. This means that:
Alert checks are more important than other types of check .
Alert checks are less important than the other types of check.
The importance of alert checks is independent of the order of calculation.
3. Which of the following is not an example of an alert check?
Revenues are negative
Cash in the Cash Flow Statement does not reconcile with the Balance Sheet figures
Debt covenants have been breached
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