Which of the Following Statements Is False

question 61

Multiple Choice

Which of the following statements is false?

• A) All calculations are permitted on numerical (quantitative) data
• B) All calculations are permitted on nominal (categorical) data
• C) The most important aspect of ordinal data is the order of the data values.
• D) The only permissible calculations on ordinal data are ones involving a ranking process.

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Definitions:

Interest Allowance

An allowance for the interest portion in various financial contexts, though detail or context-specific significance may vary.

Drawing Accounts

Accounts used in a sole proprietorship or partnership to record the amounts withdrawn by the owner(s) for personal use.

Income Statement

A financial statement that shows a company's revenues and expenses over a specific period, indicating profit or loss.

Partners' Capital Statement

A financial statement that shows the changes in each partner’s equity in the business over a specific period of time.