Can assessment measures be used for predictive purposes?Accounting practitioners have criticized some proposed accounting standards on the grounds that they are difficult to implement because of measurement problems. They, therefore, conclude that the underlying theory is inappropriate. Assuming that the critics are correct about the implementational difficulties, do you agree with their thinking? Discuss.What type of measurement scale (nominal, ordinal, interval, or ratio scale) is being used in the following situations? Musical scales - interval scalesInsurance risk classes for automobile insurance - Numbering of pages in a book A grocery scale A grocery scale deliberately set 10 pounds too highAssignment of students to advisers, based on major

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Can assessment measures be used for predictive purposes?
Accounting practitioners have criticized some proposed accounting standards on the grounds that they are difficult to implement because of measurement problems. They, therefore, conclude that the underlying theory is inappropriate. Assuming that the critics are correct about the implementational difficulties, do you agree with their thinking? Discuss.
What type of measurement scale (nominal, ordinal, interval, or ratio scale) is being used in the following situations?

Musical scales - interval scales
Insurance risk classes for automobile insurance -
Numbering of pages in a book
A grocery scale
A grocery scale deliberately set 10 pounds too high
Assignment of students to advisers, based on major

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Predictive analysis includes data extracting from the present sets of the data with the purpose of identifying the patterns as well as trends and these trends are used for predicting the future results.

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