Exhibit 12-4 In the Past, 35% of the Students at ABC University

question 2

Multiple Choice

Exhibit 12-4
In the past, 35% of the students at ABC University were in the Business College, 35% of the students were in the Liberal Arts College, and 30% of the students were in the Education College. To see whether or not the proportions have changed, a sample of 300 students was taken. Ninety of the sample students are in the Business College, 120 are in the Liberal Arts College, and 90 are in the Education College.
-Refer to Exhibit 12-4. The p-value is

• A)greater than 0.1
• B)between 0.05 and 0.1
• C)between 0.025 and 0.05
• D)between 0.01 and .025

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Definitions:

Job-Order Costing System

An accounting method that assigns costs to specific production batches or jobs and is used in situations where each job is distinct and not mass-produced.

Direct Labour Costs

Expenses that a company incurs for labor directly involved in the production of goods or services, often a significant component of total production costs.

Manufacturing Overhead

All indirect costs associated with the production process, such as utilities, depreciation, and maintenance expenses.

Predetermined Overhead Rate

A rate calculated at the beginning of the period, used to assign overhead costs to products or services based on a consistent formula.