I the Fifth and Final Step in Testing a Hypothesis

question 118

Multiple Choice

i. The fifth and final step in testing a hypothesis is taking a sample and, based on the decision rule, deciding if the null hypothesis should be rejected.
ii. When the null hypothesis is not rejected, the conclusion is that our sample data does not allow us to reject the null hypothesis.
Iii) The level of significance is selected after setting up a decision rule and sampling the population.

• A) (i), (ii) and (iii) are all correct statements
• B) (i) is a correct statement but not (ii) or (iii).
• C) (i) and, (iii) are correct statements but not (ii).
• D) (i) and, (ii) are correct statements but not (iii).
• E) All statements are false

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Definitions:

Unearned Revenue

Money received by a company for goods or services yet to be provided, recognized as a liability until the service or product is delivered.

General Journal

The general journal is a primary accounting record used to document all business transactions in chronological order, detailing debits and credits for each entry.

Accounts Payable

Short-term liabilities of a company, representing amounts owed to suppliers or creditors for goods and services received but not yet paid for.

Office Supplies

Consumable items used in offices on a regular basis, such as paper, pens, and toner cartridges.