Use the Normal Distribution to Approximate the Desired Probability

question 66

Multiple Choice

Use the normal distribution to approximate the desired probability.
-A coin is tossed 20 times. A person, who claims to have extrasensory perception, is asked to predict the outcome of each flip in advance. She predicts correctly on 16 tosses. What is the probability of being correct 16 or more
Times by guessing? Does this probability seem to verify her claim?

• A) 0.0069, no
• B) 0.4931, yes
• C) 0.0069, yes
• D) 0.4931, no

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Definitions:

Process Costing

An accounting methodology used to allocate production costs to individual units of output when the products are indistinguishable from each other.

Work in Process

Items or products that are in the stage of production but have not yet been completed or sold.

Units Transferred

Units transferred refer to the quantity of goods moved from one stage of production or department to another within a manufacturing process or for delivery.

Cost Reconciliation

The process of analyzing and adjusting the differences between the reported cost and the actual cost.