Use the Following Worksheet to Answer the Following Questions

question 68

Multiple Choice

Use the following worksheet to answer the following questions. Based on the preceding trial balance, the entry to close income summary would be:

• A) debit C. Finley, Capital $50,000; credit Income Summary $50,000
• B) debit Income Summary $155,000; credit C. Finley, Capital $155,000
• C) debit Income Summary $50,000, credit C. Finley, Capital $50,000
• D) debit C. Finley, Capital $9,000; credit Income Summary $9,000

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Definitions:

Normal Populations

Populations that exhibit characteristics of normal distribution, where data points tend to cluster around a central mean value.

Degrees Of Freedom

Degrees of freedom represent the number of independent values or quantities which can freely vary in an analysis without violating any constraints imposed on them.

Pooled Variance

A method used to estimate the variance of two or more populations when the mean of each population may differ but the true variance is assumed to be the same.

Standard Error

The typical deviation found within the distribution of samples for a statistic, usually referring to the mean.