Refer to the Following Cumulative Frequency Distribution on Days Absent

question 52

Multiple Choice

Refer to the following cumulative frequency distribution on days absent during a calendar year by employees of a manufacturing company:
-What is the class midpoint of the highest class?

• A) 54
• B) 55
• C) 64
• D) 65
• E) None of the choices are correct

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Definitions:

ASPE

The Accounting Standards for Private Enterprises (ASPE) is a set of accounting standards for private companies in Canada, providing guidelines on financial reporting practices.

Accrual Basis

An accounting method where revenues are recorded when earned, and expenses are recorded when incurred, regardless of when cash is exchanged.

Net Income

The net income of a business once all costs and taxes are subtracted from its total earnings.

Cash Basis

The cash basis is an accounting method where revenues and expenses are recognized only when cash is received or paid, as opposed to when they are incurred.