Explain the Difference Between Univariate and Bivariate Data

question 21

Essay

Explain the difference between univariate and bivariate data.

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Definitions:

Accrued Revenues

Accrued revenues are earnings recorded in the financial statements for goods delivered or services provided, although no cash has been received yet.

Prepaid Items

Prepaid items refer to expenses paid in advance for goods or services to be received in the future.

Adjusting Entries

These are journal entries made at the end of an accounting period to allocate income and expenditures to the period in which they actually occurred.

Expense Account

An account used to track expenditures or costs incurred by a business or an individual for operational purposes.