THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING INFORMATION

question 45

Essay

THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING INFORMATION:
A brand manager is interested in determining if consumers prefer the new fragrance associated with a detergent.She surveyed 212 consumers and has them rank the new and old fragrances on a scale of 1 to 10.Of the 198 consumers who scored a different score on the new fragrance than on the old,the absolute values of the differences in their ratings were ranked.The smaller of the ranked sums,8,208,was for those individuals who rated the original fragrance higher.
-A random sample of 100 owners of CD recorders was taken.Each sample member was asked to assess the amounts of time in a month spent watching material he or she had recorded from television broadcasts and watching purchased or rented commercial CDs.The 100 differences in times spent were then calculated and their absolute values ranked.The smaller of the rank sums,for material recorded from television,was 2852.Discuss the implications of this sample result.

---

Definitions:

Condensed Worksheet

A simplified financial statement that consolidates and presents a company’s financial status in a concise format.

Accounting Cycle

The series of steps followed by an organization to track and manage financial transactions, from the initial transaction to the closing of the books.

Special Journals

Special journals are accounting journals designed for recording specific types of transactions in a detailed manner, such as sales or purchases, to streamline the accounting process.

General Journal

A basic accounting ledger where all types of transactions are initially recorded, using a double-entry bookkeeping system, before being posted to specific accounts in the general ledger.