Oil Quality and Price
Quality of Oil Is Measured in API

question 87

True/False

Oil Quality and Price
Quality of oil is measured in API gravity degrees--the higher the degrees API,the higher the quality.The table shown below is produced by an expert in the field who believes that there is a relationship between quality and price per barrel.
$$\begin{array} { | c | c | } \hline \text { Oi degrees API } & \text { Price per barrel (in \$) } \\\hline 27.0 & 12.02 \\28.5 & 12.04 \\30.8 & 12.32 \\31.3 & 12.27 \\31.9 & 12.49 \\34.5 & 12.70 \\34.0 & 12.80 \\34.7 & 13.00 \\37.0 & 13.00 \\41.0 & 13.17 \\41.0 & 13.19 \\38.8 & 13.22 \\39.3 & 13.27 \\\hline\end{array}$$ A partial Minitab output follows:
$$\begin{array}{l}\text { Dascriptive atafistics }\\\begin{array} { l l l l l } \text { Variable } & \mathrm { N } & \text { Mear } & \text { StDev } & \text { SE Mear } \\\text { Degrees } & 13 & 34.60 & 4.613 & 1.280 \\\text { Price } & 13 & 1270 & 0.757 & 0.127\end{array}\end{array}$$ $$\begin{array}{l}\begin{array} { l l } \text { Covariances }&&\\&\text { Degeres } & \text { Price } \\\text { Degeres } &21.281667 & \\\text { Price } &2.026750 & 0.208933\end{array}\end{array}$$ $$\begin{array}{l}\text { Analysis of Variance }\\\begin{array} { l l r r r } \text { Source } & \text { DF } & \text { SS } & \text { MS } & \text { F } & \text {p}\\\text { Regeression } & 1 & 2.3162 & 2.3162 & 134.24&0.000 \\\text { Resichul Entar } & 11 & 0.1898 & 0.0173 & \\\text { Total } & 12 & 2.5060 & &\end{array}\end{array}$$
-If there is no linear relationship between two variables x and y,the coefficient of determination must be -1.0.

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Definitions:

September Bank Reconciliation

The process of matching and comparing figures from the accounting records against those presented on the September bank statement to ensure consistency and accuracy in the financial records.

Cash Receipts Journal

A financial journal that records all cash inflows or receipts of a business, including sales cash and account receivables collections.

Incorrectly Recorded

Refers to an error in documenting financial or other records, leading to inaccuracies in the accounting or data management process.

Bank Reconciliation

The process of matching the balances in an entity's accounting records for a cash account to the corresponding information on a bank statement.