Those Methods Involving the Collection,presentation,and Characterisation of a Set of Data

question 105

Multiple Choice

Those methods involving the collection,presentation,and characterisation of a set of data in order to properly describe the various features of that set of data are called

• A) the scientific method.
• B) sampling.
• C) descriptive statistics.
• D) statistical inference.

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Definitions:

Periodic Inventory System

A method used in accounting to update inventory and cost of goods sold periodically at the end of each accounting period rather than after each sale.

Weighted-Average Method

A cost flow assumption used in inventory accounting that calculates the cost of goods sold based on an average cost of inventory items.

Cost of Goods Sold

The total cost directly linked to the production of the products sold by a company, including materials and labor.

Inventory Valuation

The method used to assign a monetary value to a company's inventory, including raw materials, work-in-progress, and finished goods.