Suppose That You Are Working with a Data Set and Want

question 256

Essay

Suppose that you are working with a data set and want to check for any outliers.What should you do? Suppose you detect an outlier.What are some of your options,and how would you make your decision?

---

Definitions:

Current Asset

Assets that are expected to be converted into cash, sold, or consumed within one year or the business's operating cycle, whichever is longer.

Perpetual Inventory System

An inventory management system that continuously updates the quantity and value of inventory on hand and sold.

Merchandise Inventory Account

An account that tracks the cost of goods available for sale to customers during an accounting period.

Service Businesses

Companies that earn revenue primarily through providing intangible products, such as services or expertise, rather than selling physical goods.