(I a Table Showing the Number of Observations That Have

question 33

Multiple Choice

(i. A table showing the number of observations that have been grouped into each of several classes is called a frequency distribution. (ii) When classes in a frequency table are constructed so that data will fit into only one category, it is called mutually exclusive.
(iii) The best means to display data that is based on a trend over a period of time is the polygon.

• A) (i), (ii) and (iii) are all correct statements.
• B) (i), (ii) and (iii) are all false statements.
• C) (i) and, (iii) are correct statements but not (ii).
• D) (ii) and (iii) are correct statements but not (i).

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Definitions:

Projected Sales

An estimate of the amount of sales that a company expects to achieve in a future period, based on various forecasting methods and assumptions.

Budgeted Sales

Projected sales figures that a company expects to achieve within a specified period, used for planning and performance evaluation.

Beginning Inventory

The value of a company's stock of goods at the start of an accounting period, before any purchases or sales have occurred.

Desired Ending Inventory

The amount of inventory a business plans to have on hand at the end of a period to ensure operations run smoothly and meet customer demand.