The Distinction Between Descriptive and Inferential Statistics Is That

question 2

Multiple Choice

The distinction between descriptive and inferential statistics is that

• A)descriptive statistics are numeric, inferential statistics are graphic.
• B)descriptive statistics are mean-based, inferential statistics are median-based.
• C)descriptive statistics describe data sets, inferential statistics involve generalizing to populations.
• D)descriptive statistics are used in social science, inferential statistics are used in physical sciences.
• E)None of these.

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Definitions:

Journalize Closing Entries

The process of recording year-end closing entries in the journal to prepare the accounts for the next fiscal period.

Adjusting Entries

Entries made in the accounting records at the end of an accounting period to allocate income and expenditures to the period in which they actually occurred.

Post-Closing Trial Balance

A listing of all company account balances after end-of-period adjustments and closing entries have been made, used to check the balance of debits and credits.

Adjusted Trial Balance

A listing of all company accounts that will appear on the financial statements after adjustments have been made for errors, accruals, and deferrals.