A Test Of $H _ { 0 } : \mu = 53$

question 139

Multiple Choice

A test of $H _ { 0 } : \mu = 53$ versus $H _ { 1 } : \mu \neq 53$ is performed using a significance level of $\alpha = 0.01$ . The $P$ -value is $0.033$ .
If the true value of $\mu$ is 53 , does the conclusion result in a Type I error, a Type II error, or correct decision?

• A) Correct decision
• B) Type II error
• C) Type I error

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Definitions:

Right Side

In accounting, typically refers to the credit side of a double entry bookkeeping system.

Asset Account

A financial account that tracks the value of assets owned by an individual, company, or entity.

Liability Account

A liability account records debts or obligations a company owes to others, appearing on the balance sheet.

Owner's Equity Account

An account on a company's balance sheet representing the owner's total interest in the business, after subtracting liabilities from assets.