Name three sources of categorical variables used in accounting. Why would these be considered categorical variables instead of numerical variables? Consider the different accounting choices (e.g., inventory method, depreciation method) that accountants make as possible sources of categorical variables.
Added by Mohamed M.
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Types of accounts: The first source of categorical variables used in accounting is the types of accounts. Accounts can be classified into different categories such as assets, liabilities, equity, revenue, and expenses. These categories are not numerical values but Show more…
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