The Term Used to Define a Set of Tools and Techniques

question 37

Multiple Choice

The term used to define a set of tools and techniques describing,organizing,and interpreting data is ______.

• A)inference
• B)population
• C)sample
• D)statistics

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Definitions:

Equity

The value of an owner's interest in a property or business, calculated by subtracting liabilities from assets.

Debits

Entries on the left-hand side of an account that represent the increase in assets or expenses or a decrease in liabilities, equity, or income.

Credits

Accounting entries that increase liabilities or equity accounts, or decrease asset or expense accounts, recorded on the right side of a ledger.

Accounts

Records that summarize and classify all financial transactions of a business, including assets, liabilities, equity, revenue, and expenses.