The Midway Point Between the Upper and Lower Class Limits

question 12

Multiple Choice

The midway point between the upper and lower class limits for a frequency distribution is known as the:

• A) class interval.
• B) class width.
• C) class mark.
• D) class frequency.
• E) class average.

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Definitions:

Net Realisable Value

The estimated selling price in the ordinary course of business less the estimated costs of completion and the estimated costs necessary to make the sale.

Relevant Exchange Rates

Exchange rates that are applied to convert foreign currencies into the reporting currency, crucial for accurately recording transactions in financial statements.

Inventories Write-down

The process of reducing the book value of inventory to its market value when the market value is lower than the cost, resulting in a recognized loss.

Gain on Revaluation

occurs when an asset's carrying amount is increased due to its revaluation, indicating a rise in the fair value of the asset over its previous book value.