Which of the Following Is/are the Type(s) of Categorical Data

question 17

Multiple Choice

Which of the following is/are the type(s) of categorical data?

• A) Nominal data
• B) Ordinal data
• C) Interval data
• D) Both a and b

Apply the expense recognition principle in the context of accounting for bad debts.

Recognize the materiality constraint and its application in financial accounting.

Understand the principles of internal control and their importance.

Recognize different forms of cash and cash equivalents.

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Definitions:

Economic Rent

The excess payment made to a factor of production over and above what is needed to keep it in its current use, often due to unique circumstances.

Marginal Worker

An individual whose employment status is unstable or insecure, often at the fringes of the labor market.

Reservation Wage

The minimum wage at which an individual would be willing to accept for a particular job, below which they would choose not to work.

Ceteris Paribus

Ceteris paribus is a Latin term used in economics meaning "all other things being equal," employed to isolate the effect of one variable by assuming that other variables remain constant.