Match the Following Terms with Their Definitions

question 8

Multiple Choice

Match the following terms with their definitions.
-The middle value of the data

• A) Mean
• B) Median
• C) Mode
• D) Continuous data
• E) Nominal data
• F) Interval data
• G) Categorical data
• H) Ordinal data

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Definitions:

Gross Method

An accounting method for recording purchases at the gross invoice amount before any trade discounts are deducted.

Sales Discounts

A reduction offered by a seller on the list price of a product or service as an incentive for buyers, usually applied to promote sales, clear out inventory, or recognize volume purchases.

General Journal

A primary accounting record used to keep track of all business transactions not recorded in specialized journals, using the double-entry accounting method.

Periodic Inventory System

An inventory system that updates inventory balances at specific intervals instead of continuously, often requiring a physical count.