THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING INFORMATION

question 62

Essay

THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING INFORMATION:
Let the random variable Z follow a standard normal distribution.
-Find the value k such that P(Z > k)= 0.43

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Definitions:

Operating Cycle

The average period of time between the purchase of goods or services and the receipt of cash from sales, typical in the context of a company's day-to-day operations.

APB Opinion No.22

A guideline issued by the Accounting Principles Board that requires companies to disclose their accounting policies in their financial statements.

Significant Accounting Policies

The specific principles, bases, conventions, rules, and practices applied by a firm in preparing and presenting financial statements.

Comprehensive Income

The change in equity of a company during a period from transactions and other events excluding any changes resulting from investments by and distributions to owners.