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Parking at a large university has become a very big problem. University administrators are interested in determining the average parking time (e.g. the time it takes a student to find a
Parking spot) of its students. An administrator inconspicuously followed 250 students and
Carefully recorded their parking times. Identify the data collection method used by the
Administration in this study.
Cash Basis
An accounting method where revenues and expenses are recorded only when cash is received or paid, regardless of when transactions occur.
Supplies Expense
The cost incurred from using or consuming supplies within a business operation.
Accounting Period
A specific time period at the end of which an organization prepares financial statements, commonly a year, quarter, or month.
Adjust
To make modifications to records, accounts, or systems to correct discrepancies or align them with actual conditions.
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