Suppose We Wish to Test $H _ { 0 } : \mu = 40 \mathrm { vs } . H _ { \mathrm { a } } : \mu > 40$

question 85

Multiple Choice

Suppose we wish to test $H _ { 0 } : \mu = 40 \mathrm { vs } . H _ { \mathrm { a } } : \mu > 40$ . What will result if we conclude that the mean is greater than 40 when its true value is really 47 ?

• A) a Type I error
• B) a correct decision
• C) a Type II error
• D) none of the above

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Definitions:

Temporary

In accounting, temporary refers to accounts that are closed at the end of an accounting period, such as revenues, expenses, and dividends.

Forthcoming Year

The approaching or upcoming calendar year.

Long-term Debt

Debt obligations of a business that are due more than one year in the future, often used for large purchases or investments.

Reversing Entries

Journal entries made at the beginning of an accounting period to reverse or cancel out adjusting entries made at the end of the previous period.