Match the Definition with the Term

question 63

Multiple Choice

Match the definition with the term.
-factor analysis

• A)a set of statistical procedures in which the intercorrelation of large numbers of in-dividual variables can be reduced to smaller clusters,or principal components
• B)investigate and describe what it is that makes a given person unique,an approach that is more likely to be qualitative than quantitative
• C)study people in terms of general dimensions or characteristics on which they vary to quantitatively specifiable degrees

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Definitions:

Inventory Returns Estimated

An estimate of the value of goods that are anticipated to be returned by customers, used for accounting and inventory management purposes.

Sales Refund Payable

A liability account representing the amount that a company expects to refund to customers for returned products.

Net Method

The net method is an accounting practice where purchase discounts are subtracted upfront from the cost of inventory, leading to the recording of purchases at their net cost if payment is made within a discount period.

Recording Purchases

The process of documenting transactions related to acquiring goods or services, essential for accurate financial reporting and inventory management.