Test Hypotheses Regarding the Difference of Two Independent Means

question 124

Short Answer

Test Hypotheses Regarding the Difference of Two Independent Means
-A study was conducted to determine if the salaries of librarians from two neighboring states were equal. A sample of 100 librarians from each state was randomly selected. The mean from the first state was $29,300 with a standard deviation of $2300. The mean from the second state was $30,700 with a standard deviation of $2100. Test the hypothesis that the salaries from both states are equal. Use = 0.05.

---

Definitions:

GAAP

Generally Accepted Accounting Principles, a common set of accounting principles, standards, and procedures that companies must follow when compiling their financial statements.

Double-Entry System

An accounting method that requires every financial transaction to be recorded in at least two accounts—where one account is debited and another is credited—to ensure accuracy and balance in the financial records.

Salaries Expense

The total amount paid to employees for services rendered during a specific period, typically recorded as an operating expense.

Accounts Payable

Debts incurred by a company towards its suppliers, reflected as liabilities on its balance sheet.