A Relative Frequency Distribution Lists the Categories and Their Counts

question 59

True/False

A relative frequency distribution lists the categories and their counts.

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Definitions:

Utilities Expense

Costs incurred by a business for basic services such as electricity, water, and gas, classified under operating expenses in the income statement.

Owner's Drawings

Funds taken out of a business by the owner in a sole proprietorship or partnership for individual purposes.

Capital Account

An account showing the net worth of a business at a specific point in time, comprised of the owner's equity, investments, and retained earnings.

Correcting Entry

A journal entry made to amend a previously recorded incorrect transaction in the financial records.