A Good Choice for the Number of Class Groups to Use

question 42

True/False

A good choice for the number of class groups to use in constructing frequency distribution is to have at least 5 but no more than 15 class groups.

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Definitions:

Accounting Transaction

A financial event that changes the balance of two or more accounts in the ledger.

Accounting Time Period

A specific duration of time for which financial statements are prepared, typically a quarter or a year.

Depreciation Expense

A rephrased definition: The charge to income, representing the allocation of the cost of an asset over its useful life during a specific period.

Accumulated Depreciation

The total amount of depreciation expense that has been recorded against a fixed asset since it was acquired.