ACCT 3007 CH 6 SB EXAM QUESTIONS
AND ANSWERS 100% PASS 2026/2027
Using generally accepted accounting principles (GAAP) as a baseline, thousands, millions or
billions of transactions are ____________ as financial statements to explain what happened
during the relevant accounting period. - ANS summarized
Which financial statement reveals the resources available for management to utilize? -
ANS Balance Sheet
The _________ to the financial statements describe the inventory method chosen. -
ANS footnote
Descriptive statistics generally are classified as measures of central tendency or measures of
________ - ANS variability
___________ , medians and modes are all measures of central tendency. - ANS Means
Financial statements contain many of the counts, totals, sums, averages, subtotals, minimums
and maximums that are needed as part of __________ analytics. - ANS descriptive
Divisions of data observations into four defined intervals based on data values as a way of
comparing the overall data set is known as a _________ - ANS quartiles
@2026 ALLRIGHTS RESERVED 1
, Which financial statement reveals the changes in retained earnings? - ANS Statement of
Stockholders' Equity
Totals, subtotals, and _________ are all examples of other summary measures of data. -
ANS sums
The 10-K _______ has information beyond the annual report such as management
compensation, board compensation and board member biographies. - ANS filing
______ analysis typically includes an evaluation of liquidity, solvency, profitability and efficiency
for a company. - ANS Ratio
We define ___________ statistics as brief summaries (or factoids) of a data set that provide a
representation of that data as a whole. - ANS descriptive
__________ analysis provides comparative changes about various financial statement line items
over time. - ANS Horizontal
__________ are most useful as a measure of central tendency when there are extreme, or
skewed, observations. - ANS median
Standard ___________ is a summary measure that shows the extent of variability for the
sample. - ANS deviation
After seeing a graph of past sales performance, it may be easier to forecast future performance
as part of _____ analytics. - ANS predictive
@2026 ALLRIGHTS RESERVED 2
AND ANSWERS 100% PASS 2026/2027
Using generally accepted accounting principles (GAAP) as a baseline, thousands, millions or
billions of transactions are ____________ as financial statements to explain what happened
during the relevant accounting period. - ANS summarized
Which financial statement reveals the resources available for management to utilize? -
ANS Balance Sheet
The _________ to the financial statements describe the inventory method chosen. -
ANS footnote
Descriptive statistics generally are classified as measures of central tendency or measures of
________ - ANS variability
___________ , medians and modes are all measures of central tendency. - ANS Means
Financial statements contain many of the counts, totals, sums, averages, subtotals, minimums
and maximums that are needed as part of __________ analytics. - ANS descriptive
Divisions of data observations into four defined intervals based on data values as a way of
comparing the overall data set is known as a _________ - ANS quartiles
@2026 ALLRIGHTS RESERVED 1
, Which financial statement reveals the changes in retained earnings? - ANS Statement of
Stockholders' Equity
Totals, subtotals, and _________ are all examples of other summary measures of data. -
ANS sums
The 10-K _______ has information beyond the annual report such as management
compensation, board compensation and board member biographies. - ANS filing
______ analysis typically includes an evaluation of liquidity, solvency, profitability and efficiency
for a company. - ANS Ratio
We define ___________ statistics as brief summaries (or factoids) of a data set that provide a
representation of that data as a whole. - ANS descriptive
__________ analysis provides comparative changes about various financial statement line items
over time. - ANS Horizontal
__________ are most useful as a measure of central tendency when there are extreme, or
skewed, observations. - ANS median
Standard ___________ is a summary measure that shows the extent of variability for the
sample. - ANS deviation
After seeing a graph of past sales performance, it may be easier to forecast future performance
as part of _____ analytics. - ANS predictive
@2026 ALLRIGHTS RESERVED 2
