The Following Summarizes the Amount of Snowfall in Ontario Over

question 20

Multiple Choice

The following summarizes the amount of snowfall in Ontario over the past number of years. You wonder whether the population mean could have been 1,600 or 2,100.

• A) Since 1600 is within the 95% confidence interval, the population mean is likely to be 1,600.
• B) Since 1600 is not within the 95% confidence interval, the population mean is not likely to be 1,600.
• C) Since 2100 is within the 95% confidence interval, the population mean is likely to be 2,100.
• D) Since neither 1,600 nor 2,100 is within the 95% confidence interval, the population mean is not likely to be 1,600 or 2000.
• E) Since 1900 and 2000 are both within the 95% confidence interval, the population mean is likely to be either value.

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Definitions:

Outstanding Checks

Checks that have been written and recorded in the issuing company's books but have not yet been cleared by the bank.

Outstanding Checks

Checks that have been written and recorded in the issuing party's account but have not yet been cashed or cleared by the bank.

Reconciliation Procedure

A process used to ensure that two sets of records (usually the balances of two accounts) are in agreement, identifying discrepancies and reasons for them.

Internal Control

Internal control constitutes the procedures and mechanisms implemented by a company to ensure the integrity of financial and accounting information, promote accountability, and prevent fraud.