Data Must Be Collected About Three Facets of Each Business

question 52

Multiple Choice

Data must be collected about three facets of each business activity.What are they?

• A)the business activity,the resources it affects,the people who participate
• B)the business activity,the transactions it creates,the impact on the financial statements
• C)the inputs,outputs and processes used
• D)who is involved,what was sold,how much was paid

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Definitions:

Type I Error

Error that occurs when the null hypothesis is true but the decision is made to reject the null hypothesis.

Probability

Likelihood of occurrence of a particular outcome of an event given all possible outcomes.

Familywise Error

The probability of making one or more false discoveries, or type I errors, when performing multiple hypotheses tests.

Scheffé Test

Statistical procedure used to control familywise error when conducting all possible simple and complex comparisons in a set of data.