A Sample of 100 Students Is Selected from a Known

question 49

Multiple Choice

A sample of 100 students is selected from a known population of 1,000 students to construct a 95% confidence interval for the average SAT score. What correction factor should be used to compute the standard error?

• A)0.949
• B)0.901
• C)1.96
• D)Cannot be determined

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Definitions:

Recorded Cost

The cost of an asset as it appears in a company's books or financial statements, reflecting the original cost of acquisition.

Physical Count

An actual count of inventory or assets, conducted at certain intervals, to ensure the accuracy of records and accounts.

Allocating Cost

The process of assigning costs to various cost objects such as products, services, or departments for accounting purposes.

Inventory Accounting

A method of accounting that deals with valuing and accounting for changes in inventoried assets, impacting how businesses report their cost of goods sold and value of inventory in financial statements.