If Two Variables Are Both Positive, and Tend to Be

question 25

Multiple Choice

If two variables are both positive, and tend to be linked so that growth of one variable tends to indicate growth in the other variable, then:

• A) the variables are positively associated.
• B) the variables are negatively associated.
• C)the variables have no association with each other.
• D)The association of the variables cannot be determined.

Understand the purpose and process of establishing a petty cash fund.

Identify correct journal entries for transactions related to petty cash, including replenishment and adjustments.

Explain the procedures for conducting a bank reconciliation and the rationale behind adjustments to the checkbook balance.

Distinguish between different types of accounts related to petty cash transactions.

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Definitions:

Control Limits

The boundaries in control charts that signal when a process is out of control and corrective action may be needed.

Sample Range

The difference between the highest and lowest values in a set of sample data, used as a measure of variability.

Sample Size

is the number of observations or data points collected in a study or used in a statistical sample.

Control Limits

These are the boundaries in a control chart, beyond which a process is considered to be out of control indicating an issue that needs investigation.