IIRC is means a pictorial definition of a value so the above is a float printable using 12 positions which for maximum value would be as 999999999.99 While a PIC X(10) Means character string length 10. It was defined in era of fixed width fonts and band printers so the max printing width was 132 and one had to know exactly where each character would print. Report writing in COBOL is easy.
Almost correct. However, this is not a float but a fixed decimal value with two decimals. The V is not stored but just used to indicate where the decimal sign should be. Source: I've written a lot of COBOL years ago.