Approximate Binomial Probabilities Using the Normal Distribution
-For the Following $\mathrm { n } = 48$

question 93

Short Answer

Approximate Binomial Probabilities Using the Normal Distribution
-For the following conditions, determine if it is appropriate to use the normal distribution to approximate a binomial distribution with $\mathrm { n } = 48$ and $\mathrm { p } = 0.3$ .

---

Definitions:

Perpetual Inventory System

An accounting approach that continuously updates inventory records after each transaction, providing a real-time view of inventory levels.

Liability Credited

A credit entry in accounting representing an increase in liabilities, reflecting that a company has received something of value for which it must pay in the future.

Asset Debited

An accounting entry that increases the value of an asset account.

F.O.B. Destination

A shipping term indicating that the seller bears the shipping costs and maintains ownership and responsibility for the goods until they are delivered to the buyer's specified location.