The Single Characteristic That All Rating Scales Have in Common

question 3

Multiple Choice

The single characteristic that all rating scales have in common is that

• A) the rater assigns a numerical value to the object, person, or thing being rated.
• B) the rater places that which is being rated somewhere on a continuum.
• C) the interval between any two points on the scale is always equal.

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Definitions:

Fixed Purchase Contract

A contractual agreement to buy or sell goods and services at predetermined prices and terms.

Journal Entry

A record in the books of accounts that represents each transaction with debits and credits recorded to maintain the accounting equation.

Lower of Cost or Market

An accounting principle requiring inventory to be recorded at either its historical cost or its current market value, whichever is lower.

Inventory Valuation

The method used by businesses to assess their inventory's worth at the end of an accounting period, affecting financial statements and tax obligations.