In a Class of 100 Students, the Grades on an Accounting

question 9

Multiple Choice

In a class of 100 students, the grades on an accounting test are summarized in the following frequency table: The distribution of grades is:

• A)symmetric.
• B)skewed left.
• C)skewed right.
• D)not able to be determined from the information given.

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Definitions:

Inventory Estimate

An approximation of the value or quantity of inventory, used for accounting or planning purposes.

Retail Method

An accounting method to estimate ending inventory and cost of goods sold by using a proportional relationship between the retail value and cost of goods.

Estimated Ending Inventory

An approximation of the value of inventory a company has on hand at the end of an accounting period.

Gross Profit Rate

A financial metric that represents the proportion of money left over from revenues after accounting for the cost of goods sold.