To Avoid the Time-Consuming Process of Taking an Inventory Each

question 24

True/False

To avoid the time-consuming process of taking an inventory each year, most companies use the gross profit method to estimate ending inventory.

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Definitions:

Dependent

Being influenced by another variable, in statistics, refers to the variable whose value is predicted in a regression analysis.

Independent

A condition where the occurrence or value of one variable does not affect or is not associated with another.

Mutually Exclusive

A statistical term describing events that cannot occur simultaneously; the occurrence of one event excludes the possibility of the other.

Events

Occurrences or happenings, often of significance and usually discrete, that can be observed and recorded.