The Local Pharmacy Prides Itself on the Accuracy of the Number

question 41

Short Answer

The local pharmacy prides itself on the accuracy of the number of tablets that are dispensed in a 60-count prescription.The new manager feels that the pharmacy assistants might have become careless in counting due to an increase in the volume of prescriptions.To test her theory,she randomly selects 40 prescriptions requiring 60 tablets and recounts the number in each bottle.She finds a sample mean of 62.05 and a standard deviation of 4.45.Calculate the test statistic for testing that the number of tablets is significantly different from 60.

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Definitions:

Reliability

In accounting, it refers to the accuracy and consistency of financial reporting, ensuring that information faithfully represents the entity's financial condition.

Materiality Constraint

An accounting principle that permits ignoring rules following the generally accepted accounting principles (GAAP) if the impact of adhering to them is so insignificant that it would not affect the decision-making process of someone reading the financial statements.

Unusual Gain

Gains that are not expected to recur frequently or regularly, arising from events not considered part of the ordinary activities of a business.

Annual Report

A comprehensive report on a company's activities, financial performance, and strategy, provided annually to shareholders and the public.