Statistical Methods That Generally Require Very Few, If Any, Assumptions

question 21

Multiple Choice

Statistical methods that generally require very few, if any, assumptions about the population distribution are known as _____ methods.

• A) parametric
• B) nonparametric
• C) free
• D) distribution-fixed

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Definitions:

Uncollectibles

Accounts receivable that are recognized as not being collectible, representing losses to the company.

Allowance for Doubtful Accounts

A contra-asset account that reduces the total receivables on the balance sheet by an amount estimated to be uncollectible.

Uncollectible Accounts

These are debts that cannot be collected by a business, typically due to the debtor's inability to pay.

Adjusting Entries

The journal entries that bring the accounts up to date at the end of the accounting period.