The Degrees of Freedom for a Data Table with 12

question 37

Multiple Choice

The degrees of freedom for a data table with 12 rows and 12 columns is

• A) 144.
• B) 121.
• C) 12.
• D) 120.

---

Definitions:

Income Summary

An account used in the closing process that summarizes revenues and expenses for a period before transferring the net income to retained earnings.

General Ledger

A complete record of all financial transactions over the life of a company, organized into debits and credits across various accounts.

Capital Account

An account showing the net changes in property ownership and transfer of payment among countries for international transactions, or in a company's context, represents the stake of owners in the firm.

Revenue Accounts

Accounts that record the income generated from the sale of goods and services, before any expenses are subtracted.