For Each of the Following Accounts, State Type of Account

question 56

Essay

For each of the following accounts, state type of account and the normal account balance. Assume a periodic inventory system.
$$\begin{array} { | l | l | l | } \hline \text { Account Title } & \text { Type of Account } & \text { Normal Account Balance } \\\hline \text { Purchase Returns and } & & \\\text { Allowances } & & \\\hline \text { Merchandise Inventory } & & \\\hline \text { Purchases } & & \\\hline\end{array}$$

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Definitions:

Percentile Rank

A measure showing the percent of scores within its distribution that it equals or surpasses.

Standard Deviation

A statistical measure that quantifies the amount of variation or dispersion of a set of values, indicating how much the values differ from the mean.

Raw Score

The initial, unadjusted score obtained from a test or assessment, prior to any transformations or scaling.

Measures Of Central Tendency

Indicators of what is occurring in the mid-range or “center” of a group of scores. Three measures of central tendency are the mean, median, and mode.