I as a General Rule of Thumb, If the Items

question 11

Multiple Choice

i. As a general rule of thumb, if the items selected for a sample are not replaced and the sample
Size is less than 5 percent of the population, the binomial distribution can be used to approximate
The hypergeometric distribution.
ii. If the probability of success does not remain the same from trial to trial when sampling is done
Without replacement, the hypergeometric distribution should be applied.
iii. In the hypergeometric distribution the probability of a success is not the same on each trail.

• A) (i), (ii), and (iii) are all correct statements.
• B) (i) is a correct statement but not (ii) or (iii).
• C) (i) and (iii) are correct statements but not (ii).
• D) (ii) and (iii) are correct statements but not (i).
• E) (i), (ii), and (iii) are all false statements.

Record and report long-term liabilities and their division between current and noncurrent sections on the balance sheet.

Understand the procedures for estimating liabilities and making necessary journal entries for estimated liabilities.

Comprehend payroll accounting, including calculating payroll taxes expense and net pay.

Grasp the accounting procedures for special payroll considerations and employee benefits.

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Definitions:

Free Riding

Occurs when individuals benefit from resources, goods, or services without paying for them, often in the context of public goods.

Public Goods

Goods that are non-excludable and non-rivalrous, meaning they are accessible to all members of a society and one individual's consumption does not reduce availability to others.

Subsidize

The act of providing financial assistance to individuals, businesses, or industries to support or promote economic activities.

Basic Research

Fundamental scientific research aimed at increasing understanding and knowledge, without specific immediate commercial applications.