A Correction in Income of a Prior Period Involves Either

question 40

True/False

A correction in income of a prior period involves either a debit or credit to the Retained Earnings account.

---

Definitions:

Wilcoxon Signed-Rank Test

A statistical test not based on parameter assumptions that is employed to evaluate two related samples, matched samples, or repeated observations within the same sample to determine if there is a difference in their population mean ranks.

Sample Sizes

Refers to the number of observations or data points collected in a sample from a population.

Normally Distributed

A probability distribution that is symmetric about the mean, showing that data near the mean are more frequent in occurrence than data far from the mean.

Wilcoxon Signed Rank Test

A non-parametric test that compares two paired or matched samples to assess if their population mean ranks differ.