Data That Provide Labels or Names for Categories of Like

question 56

Multiple Choice

Data that provide labels or names for categories of like items are known as

• A)categorical data
• B)quantitative data
• C)label data
• D)category data

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Definitions:

Physical Inventory Count

An assessment method where a business physically counts its entire inventory to verify stock records and accounts.

Perpetual Inventory System

An inventory management method where updates to inventory records are made in real-time following each receipt or sale of inventory items.

Periodic Inventory System

An inventory accounting system where the inventory is updated in the accounting records periodically, typically at the end of an accounting period, rather than after each transaction.

Cost of Goods Sold

The direct costs attributable to the production of the goods sold in a company, including material and labor expenses.