In Preparing Closing Entries for a Merchandising Company the Income

question 17

Multiple Choice

In preparing closing entries for a merchandising company the Income Summary account will be credited for the balance of

• A) sales revenue.
• B) inventory.
• C) sales discounts.
• D) freight-out.

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Definitions:

Categorical Variables

Variables that represent types or categories, which are not numerical and express qualitative attributes.

Median

The middle value in a data set when the values are arranged in ascending or descending order, providing a measure of central tendency.

Measure Of Central Tendency

A measure of central tendency is a single value that attempts to describe a set of data by identifying the central position within that set, such as the mean, median, or mode.

Population Parameter

A numerical value that represents a characteristic of a population, such as its mean or standard deviation.