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If a distribution is negatively skewed,the distribution is not symmetrical and the long tail is to the left.
Periodic Inventory System
An inventory system that updates inventory balance and cost of goods sold at the end of an accounting period, not continuously.
Economic Entity Assumption
An accounting principle that states a company and its owner(s) are separate entities for financial reporting purposes.
Expenses
Outflows or other uses of assets or incurrences of liabilities during a period from delivering goods, rendering services, or carrying out other activities.
Proprietorship
A business structure owned by a single individual who is responsible for its liabilities and entitled to its profits.
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