An Accounting Firm Is Planning for the Next Tax Preparation

question 78

Multiple Choice

An accounting firm is planning for the next tax preparation season. From last year's returns, the firm collects a systematic random sample of 100 filings. The 100 filings showed an average preparation time of 90 minutes with a standard deviation of 140 minutes. What is the standard error of the mean?

• A) 14 minutes
• B) 140 minutes
• C) 1.4 minutes
• D) 90 minutes

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Definitions:

Errors in Execution

Mistakes made during the implementation of a planned action, often leading to unexpected or undesired outcomes.

Bar-scanning Device

A technological tool used to read and decode the information in barcode form for purposes such as inventory management or checkout processes.

Poor Interoperability

The limited ability of different information technology systems and software applications to communicate, exchange data, and use the information that has been exchanged effectively.

Network Failure

A malfunction or interruption in the communications or operations of computer networks, leading to the inability to access or provide services and data.