Assume Your Roommate Is a Management Major and Must Take

question 65

Essay

Assume your roommate is a management major and must take this course next semester.You have explained some of the things you have learned thus far,but your roommate states,"I don't know why I would need to know anything about managerial accounting! I am not an accounting major and will NEVER be preparing any managerial accounting reports.As long as I make a profit for the company I will work for,who cares what the accountants' reports say?" How would you respond?

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Definitions:

Variables

Elements, characteristics, or attributes that can take on different values and are used in scientific research or statistical analysis.

Stem-and-Leaf Display

A graphical method of displaying quantitative data to assess its distribution, by dividing each data point into a "stem" and a "leaf".

Age

A measure of time that an individual, object, or concept has existed, typically expressed in years.

Frequency Distribution

The representation, either in a graphical or tabular format, of how often each value in a set of data occurs.