The Measure of Central Tendency Used for Interval and Ratio

question 56

Multiple Choice

The measure of central tendency used for interval and ratio data is the

• A) mode.
• B) standard deviation.
• C) mean.
• D) median.

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Definitions:

Income Statement Columns

This refers to the structured segments in an income statement or profit and loss account, showing revenues, expenses, and profits or losses of an entity over a specific period.

Debit Column

is a section in accounting records where increases in asset and expense accounts or decreases in liability, equity, and revenue accounts are entered.

Credit Column

The column in an accounting ledger where credit transactions are recorded, reflecting increases in liabilities, equity, or revenue, or decreases in assets or expenses.

Service Revenue

The income a company earns from providing services as opposed to selling physical goods, and it is recorded as it is earned in the accounting period.