To Use the Normal Distribution to Approximate the Binomial Distribution

question 164

Short Answer

To use the normal distribution to approximate the binomial distribution, we need ________ and ________ to be at least 5.

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Definitions:

Bank Reconciliation

The process of comparing and matching figures from the accounting records against those presented on a bank statement to ensure they are in agreement and accurate.

Service Fees

Charges for services provided, often seen in banking, professional services, and maintenance sectors.

Outstanding Checks

Checks that have been written and recorded in the issuing company's books but not yet cleared or deducted from the bank's cash balance.

Allowance Method

An accounting technique used to estimate and record bad debts expense from credit sales based on expected credit losses.