Which of the Following Is an Accurate Statement Concerning the Reporting

question 1

Multiple Choice

Which of the following is an accurate statement concerning the reporting of quantitative data?

• A)People are not usually interested in proportions or ratios, because they are confusing.
• B)When tabulating research results of opinions and preferences, reporting exact statistics to the most accurate decimal point is necessary to avoid distortion in interpretation.
• C)Common language reduces difficult figures to the "common denominators" of language and ideas.
• D)Common language is specific to indicators of actual count or quantity.

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Definitions:

Adjusted Trial Balance

A list of all the accounts of a company, showing the balance of each account after adjusting entries have been made for closing the period.

Current Assets

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

Reversing Entries

These are accounting journal entries that reverse a previous entry, usually made at the beginning of a new accounting period to simplify record-keeping.

Work Sheet

An informal document used by accountants and auditors for preparing financial statements and ensuring the correctness of accounts.