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For the questions that follow, identify which procedure you would use for each of the given scenarios.
-Donald is interested in whether blondes, brunettes, and redheads differ with respect to their number of freckles.He randomly samples 60 adults over 60: 20 blondes, 20 brunettes, and 20 redheads, and then he determines how many freckles each subject has.What is the relationship between hair color and number of freckles?
Cumulative Effect
The total impact of a change in accounting principle or correction of an error reported in a single period's financial statements.
Change In Accounting Principle
An adjustment made to the accounting methods used by a company, often requiring retrospective application to prior period financial statements.
Net Income
The remaining earnings of a firm once subtracting every expense and tax from its total income.
Extraordinary Item
Events or transactions that are distinct from the ordinary activities of a company, which are unusual in nature and infrequent in occurrence.
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