Less Frequent or Less Probable Behaviors Are Considered to Be

question 4

Multiple Choice

Less frequent or less probable behaviors are considered to be abnormal or

• A)statistically deviant.
• B)statistically significant.
• C)statistically irrelevant.
• D)statistically modifiable.

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Definitions:

Goods Available for Sale

The total quantity of goods that a company has in its stock ready to sell at the end of a financial period.

Absorption Costing

An accounting method that includes all manufacturing costs — direct materials, direct labor, and both variable and fixed overhead — in the cost of a product.

Variable Costing

A costing method that includes only variable production costs in product cost calculations, used for internal decision-making.

Net Income

The excess of all revenues and gains over all expenses and losses for a specific period of time.