Discuss the Four Levels of Measurement;nominal,ordinal,interval,ratio

question 18

Essay

Discuss the four levels of measurement;nominal,ordinal,interval,ratio.Rank them in order from least specific to highest precision.

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Definitions:

Accounts Payable

Liabilities of a business that are owed to creditors for goods and services purchased on credit.

Operating Cash Outflow

Cash expenditures during a specific period related to operational activities, including paying for goods, services, and employee wages.

Cost of Goods Sold

The direct costs attributable to the production of the goods sold by a company, including materials and labor costs.

Inventory

The entirety of goods and materials held by a company for the purpose of resale, manufacturing, or repair.