Observation as a Data Gathering Method Can Be Used to Generate

question 18

True/False

Observation as a data gathering method can be used to generate both quantitative and qualitative data.

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Definitions:

Estimated Inventory

An approximate valuation of inventory, used when an exact figure cannot be easily determined.

Retail Method

An accounting procedure for estimating the value of a store's merchandise by using the cost to retail price ratio.

Manufacturing Businesses

Companies that produce new products from raw materials through various processes, machinery, and operations.

Period End Assets

The total value of all assets owned by a company at the end of a financial reporting period.