Refer to the Following Frequency Distribution on Days Absent During

question 98

Multiple Choice

Refer to the following frequency distribution on days absent during a calendar year by employees of a manufacturing company: How many employees were absent six days or more?

• A) 8
• B) 4
• C) 22
• D) 31

---

Definitions:

Long-Term Contracts

Agreements that extend over a long period, often used in industries like construction or supply services, specifying performance obligations and payment terms.

Percentage-Of-Completion Method

An accounting method used to recognize revenue and expenses of long-term projects proportionally to the degree of completion.

Revenue Recognition

Guidelines that dictate when a company can report income, crucial for timely and fair financial reporting.

Completed Contract Method

An accounting technique used to recognize revenue and expenses of long-term contracts only after the project is completed.