When Performing Hypothesis Tests, There Are Assumptions That Must Be

question 21

Essay

When performing hypothesis tests, there are assumptions that must be met in order for the testto be appropriate. Describe the assumptions associated with a hypothesis test about apopulation mean when the sample size is small. For any assumptions that can be checkedusing sample data, describe how the check would be performed.

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Definitions:

Supplies Used

Expenses related to consumable items used in the operation of a business.

Supplies Account

An account used to track the cost of supplies not immediately consumed by the business, often classified as a current asset.

Insurance Expense

Costs incurred by a business or individual for purchasing insurance coverage, considered an operating expense in accounting.

Prepaid Insurance

An expense that has been paid in advance for insurance coverage which will be recognized over the period to which the premium relates.