If a Particular Set of Data Is Approximately Normally Distributed,we

question 157

Multiple Choice

If a particular set of data is approximately normally distributed,we would find that approximately

• A)2 of every 3 observations would fall between ±1 standard deviation around the mean.
• B)4 of every 5 observations would fall between ±1.28 standard deviations around the mean.
• C)19 of every 20 observations would fall between ±2 standard deviations around the mean.
• D)All of the above.

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Definitions:

Revenue Recognition Principle

An accounting standard requiring revenue to be recognized in the accounting period when it is earned and measurable.

GAAP

Generally Accepted Accounting Principles; the standard framework of guidelines for financial accounting used in any given jurisdiction, commonly used in the United States.

Business Entity Assumption

An accounting principle that treats a business as a separate legal entity from its owners, requiring separate accounting records.

Personal Financial Information

Data related to an individual's finances, including income, debt, investments, and credit history.