Canadian Accounting Classifies Accounts Receivable as "Current", "Late", and "Not

question 89

Multiple Choice

Canadian Accounting classifies accounts receivable as "current", "late", and "not collectible". Industry figures show that 60% of A/R are current, 30% are late, and 10% are uncollectible. A law firm in Markham Ontario has 500 accounts receivable: 320 are current, 120 are late and 60 are not collectible. Are these numbers in agreement with the industry distribution?

• A) The Markham firm's data reflect the national average, when tested at the 0.10 level of significance
• B) The Markham firm's data reflect the national average, when tested at the 0.05 level of significance
• C) The Markham firm's data reflect the national average, when tested at the 0.01 level of significance
• D) The Markham firm's data do not reflect the national average, when tested above a 0.01 level of significance
• E) A, B and C are true

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