Even Though the Normal Probability Distribution Deals with Continuous Variables

question 148

True/False

Even though the normal probability distribution deals with continuous variables, we can use it to approximate the binomial whenever np > 5 and also nq > 5.

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Definitions:

Cash Receipts

The collection of money, including coins, notes, checks, and electronic transfers, received by a business during a given period.

Open Mail

The process or act of receiving and processing mail, not specific to financial or accounting terminology.

Bank Reconciliation

Bank reconciliation is the process of matching and comparing an entity’s bank account records to its financial statements.

Cashier Deposits

Refers to the funds that cashiers collect and deposit into the business's bank account, typically part of daily sales transactions.