Which Type of Scale Is Regarded as the Highest Form

question 66

Multiple Choice

Which type of scale is regarded as the highest form of measurement?

• A)nominal scale
• B)ordinal
• C)ratio
• D)interval

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Definitions:

Residual Equity

The amount of equity remaining for shareholders after all liabilities have been deducted from total assets.

Owner's Equity

The assets left over in a business once liabilities are cleared, showing the equity of owners or shareholders.

Spoils

Goods that are damaged or unusable during the production process and cannot be sold to customers.

Monetary Unit Assumption

A financial accounting concept that believes transactions and events can be quantified in terms of money.