What Is the Difference Between Ordinal and Nominal Levels of Measurement

question 3

Multiple Choice

What is the difference between ordinal and nominal levels of measurement?

• A)The ordinal measure has meaningful and constant differences between scale units.
• B)The ordinal measure ranks categories.
• C)The ordinal measure does not meet the requirement of being mutually exclusive.
• D)The ordinal measure does not rank categories.

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Definitions:

Unearned Revenue

An accounting term referring to money received for a product or service yet to be delivered or performed.

Customers Pay

This term refers to the action of clients or buyers giving money in exchange for goods or services.

Service

An intangible commodity that involves the provision of labor or expertise, rather than goods, for the benefit of a consumer.

Accounting Cycle

The sequence of procedures performed in accounting to process, record, and report financial transactions over a specific period.