A Recent Study Involving a Sample of 3,000 Vehicles in California

question 99

True/False

A recent study involving a sample of 3,000 vehicles in California showed the following statistics related to the number of miles driven per day: Q1 = 12, Q2 = 45, and Q3 = 56. Based on these data, if a box and whisker plot is developed, a value of 110 is an outlier.

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Definitions:

Going Concern Principle

An accounting assumption that a company will continue operating and not go bankrupt or be liquidated in the foreseeable future.

Straight-Line Deprecation

A method of calculating the depreciation of an asset, dividing its cost by the number of years it is expected to be useful.

Book Value

The net value of a company's assets, found by deducting total liabilities and intangible assets from total assets.

Salvage Value

The foreseen remaining value of an asset at the culmination of its viable life.