The Chart of Account for the Corning Company Includes Some

question 59

Multiple Choice

The chart of account for the Corning Company includes some of the following accounts: $\begin{array}{|l|l|}\hline \text { Account Name } & \text { Account Number } \\\hline \text { Cash } & 11 \\\hline \text { Accounts Receivable } & 13 \\\hline \text { Prepaid Insurance } & 15 \\\hline \text { Accounts Payable } & 21 \\\hline \text { Unamed Revenue } & 24 \\\hline \text { Corning, Capital } & 31 \\\hline \text { Corning, Drawing } & 32 \\\hline \text { Fees Earned } & 41 \\\hline \text { Salaries Expense } & 54 \\\hline \text { Rent Expense } & 56 \\\hline & \\\end{array}$ On the journal page 3, the following transaction was found:
$\begin{array} { | l | l | l | } \hline \text { Prepaid Insuranse } & 1,530 & \\\hline \text { Cash } & & 1,530 \\\hline & &\end{array}$ What is the post reference that will be found on the Prepaid Insurance account?

• A) 11
• B) 15
• C) 3
• D) None

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Definitions:

IQR

The Interquartile Range (IQR) is a measure of statistical dispersion, being equal to the difference between the 75th and 25th percentiles of a data set.

Chebyshev's Theorem

A statistical theorem stating that for any real dataset, the proportion of values that fall within k standard deviations from the mean is at least 1-1/k^2 for k > 1.

Empirical Rule

A statistical principle that asserts in a normal distribution, almost all of the data is contained within three standard deviations from the mean.

Standard Deviations

Standard deviations are a measure of the amount of variation or dispersion in a set of values, indicating how much the values in a dataset deviate from the mean on average.