Shoot You and a Friend Are Working on Shooting Free

question 142

Essay

Shoot You and a friend are working on shooting free throws at basketball practice. Your
friend has a season average of making 80% of his shots.
a. If the coach asks your friend to shoot 70 times, how many shots do you expect him to
make, on average?
b. What is the standard deviation of the number of shots made out of 70?
c. Your friend makes 60 out of 70 shots and is ready to tell the coach that he is improving.
The graph below shows a simulation of this distribution. Using both your answers to (a)
and (b) and this graph, explain whether or not the coach should have confidence in his
improvement.

Understand the purpose and components of the internal control system, including the voucher system and petty cash management.

Learn how to establish and replenish a petty cash fund, and record petty cash transactions.

Comprehend the significance and calculation of the days' sales uncollected ratio and its implications for cash flow and credit management.

Understand the principles of cash management, including internal control procedures for cash receipts and disbursements.

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Definitions:

Historical Cost

An accounting principle that requires assets to be recorded at their original purchase price, without adjusting for inflation or changes in market value.

New Venture

An enterprise that is newly established, focusing on addressing a market demand by offering an innovative product, service, or platform.

Expansion

The process of a business enlarging its operations, typically through increased production capabilities, market reach, or product lines.

New Market

An emerging sector or industry where a company can expand its operations or products to generate growth.