Exhibit 11-3
in Order to Determine Whether or Not a Particular

question 87

Multiple Choice

Exhibit 11-3
In order to determine whether or not a particular medication was effective in curing the common cold, one group of patients was given the medication, while another group received sugar pills. The results of the study are shown below.
$\begin{array}{lll}&\text { Patients Cured }&\text { Patients Not Cured }\\\text { Received medication } & 70 & 10 \\\text { Received sugar pills } & 20 & 50\end{array}$ We are interested in determining whether or not the medication was effective in curing the common cold.
-Refer to Exhibit 11-3. The p-value is

• A) less than .005
• B) between .005 and .01
• C) between .01 and .025
• D) between .025 and .05

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Definitions:

Inventoriable Costs

Direct costs associated with the acquisition or production of goods that are held for sale in the ordinary course of business.

Closing Entries

Closing entries are journaled at the end of an accounting period to transfer the balances in temporary accounts to permanent accounts, thereby resetting the temporary accounts for the next period.

Natural Resources

Natural resources are raw materials that are derived from the environment, such as minerals, forests, water, and fertile land, which can be used for economic gain.

Periodic Inventory System

An inventory system that updates inventory balance and cost of goods sold at the end of an accounting period, not continuously.