The Use of the Standard Normal Distribution for Constructing Confidence

question 143

Multiple Choice

The use of the standard normal distribution for constructing confidence interval estimate for the population proportion p requires:

• A) nand n(1 -)both greater than 5.
• B) np and n(1 - p)both greater than 5.
• C) n(1 +)and n(1 -)both greater than 5.
• D) sample size greater than 5.

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Definitions:

Released from Inventories

The process of moving goods from inventory to be used in production or to be sold, thereby reducing the inventory account.

Unit Product Cost

The total cost (both direct and indirect) to produce a single unit of a product.

Absorption Costing

A costing method that includes all manufacturing costs (direct materials, direct labor, and both variable and fixed overhead) in the cost of a product.

Variable Costing

Variable Costing is an accounting method that only considers variable costs—costs that change with production volume—in product pricing and decision-making.