In a Data Set, an Outlier Is a Large or Small

question 57

True/False

In a data set, an outlier is a large or small value regarded as an extreme value in the data set.

---

Definitions:

Collection

An effort to accumulate amounts due from debtors, or the process of recovering financial obligations.

Conceptual Framework

A system of ideas and objectives that guides the development of standards and practices in financial reporting and accounting.

Financial Reporting

Financial reporting involves the disclosure of financial information to various stakeholders about the financial performance and position of an organization over a specific period of time.

Measurement

The process of quantifying qualitative financial data in monetary terms through various accounting methods.