Lopez and Associates provided the following information relative to the times and costs to prepare a simple income tax return:
Compute the price and efficiency variances.
Definitions:
Critical Value
A threshold in a statistical test that defines the boundary between where a statistical hypothesis would be considered significantly different or not.
Null Hypothesis
A default hypothesis that there is no significant difference or effect, to be tested against the alternative hypothesis.
Test Statistic
A value, derived from sample data, used in hypothesis testing to determine whether to reject the null hypothesis.
Level of Risk
A measure or assessment of the potential for harm or adverse outcomes resulting from a process, action, or event.
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