Statistics Designed to Help One Draw Conclusions from a Set

question 47

Multiple Choice

Statistics designed to help one draw conclusions from a set of data are referred to as

• A) descriptive statistics.
• B) frequency statistics.
• C) nonparametric statistics.
• D) inferential statistics.

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Definitions:

Periodic LIFO

An inventory valuation method applied at the end of an accounting period that assumes the last items added to inventory are the first sold.

Ending Inventory

The total value of unsold goods held by a company at the end of an accounting period.

Inventory System

Methods and procedures used to track materials, work-in-progress, and finished goods from acquisition through sale.

Weighted-Average

A calculation method where different data points are given different weights, often used in inventory valuation and cost accounting.