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The Intelligence Quotient (IQ) test scores are normally distributed with a mean of 100 and a standard deviation of 15.
i. What is the probability that a person would score 130 or more on the test?
ii. You enrolled in a class of 25 students. What is the probability that the class' average IQ exceeds
130?
Australian Accounting Standards
The set of accounting principles and procedures that must be followed by companies operating in Australia.
Variable Costing
An accounting method that includes only variable production costs (materials, labor, and overhead) in the cost of goods sold and treats fixed overhead costs as period expenses.
Manufacturing Overhead Costs
Englobes the indirect costs related to manufacturing that are not directly tied to the production of specific units, such as utilities and rent for production facilities.
Factory Burden Costs
Costs associated with manufacturing operations that are not directly tied to a specific product, such as maintenance, utilities, and depreciation of factory equipment.
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