Exhibit 9-6 A Random Sample of 16 Students Selected from the Student

question 86

Multiple Choice

Exhibit 9-6
A random sample of 16 students selected from the student body of a large university had an average age of 25 years and a standard deviation of 2 years. We want to determine if the average age of all the students at the university is significantly more than 24. Assume the distribution of the population of ages is normal.
-Refer to Exhibit 9-6. The p-value is between

• A).005 to .01
• B).01 to .025
• C).025 to .05
• D).05 to .10

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Definitions:

Closing Process

The closing process involves finalizing accounts at the end of an accounting period, transferring net income and dividend information to retained earnings, and preparing the accounts for the next period.

Owner's Capital

The total value of assets contributed by the owner of a business plus the retained earnings.

Owner's Drawings

Withdrawals of a business's cash or other assets by the owner for personal use.

Expense Accounts

Accounts used to record business expenses, which reduce net income in the profit and loss statement.