Osborn Company Assembled the Following Information in Completing Its March

question 22

Multiple Choice

Osborn Company assembled the following information in completing its March bank reconciliation: balance per bank $3,820; outstanding checks $775; deposits in transit $1,250; NSF check $80; bank service charge $25; cash balance per books $4,400. As a result of this reconciliation, Osborn will

• A) reduce its cash account by $475.
• B) reduce its cash account by $25.
• C) increase its cash account by $55.
• D) reduce its cash account by $105.

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Definitions:

Standard Error

A statistical measure that estimates the accuracy of a sample mean by describing the dispersion of sample means around the population mean.

Sample Mean Difference

The difference between the mean values of two samples drawn from the same or different populations.

Population Means

The average value of a particular characteristic in the entire population.

Sampling Distribution

A sampling distribution is the probability distribution of a given statistic based on a random sample.