Briefly Identify the Following in Words or Equations as Appropriate $\hat { \beta }$

question 3

Essay

Briefly identify the following in words or equations as appropriate:
(a) p-value
(b) Sampling distribution of
$\hat { \beta }$ (c) Type I Error
(d) Level of significance
(e) Given $\hat { \beta }$ = 4.0 and SE ( $\hat { \beta }$ ) = 2.0, test the null hypothesis that $\beta$ = 0 (versus the alternative hypothesis that it does not equal zero) with 13 degrees of freedom at the 1% level of significance.

Comprehend the contractual obligations and engagement process between accountants and clients.

Grasp the significance and enforcement of Generally Accepted Accounting Principles (GAAP) and Generally Accepted Auditing Standards (GAAS).

Recognize the impact of major accounting scandals on the accounting profession and legislative responses.

Differentiate between the legal concepts of negligence, fraud, and breach of contract as they apply to accountants.

---

Definitions:

Lend Out

The act of providing a loan or capital to another party with the expectation of being repaid, often with interest.

Repurchase Shares

The act of a company buying back its own shares from the marketplace, which can affect the company's stock value and earnings per share.

Weighted Average

A method of calculating an average whereby each component of the dataset contributes to the total average in proportion to its assigned weight.

Cost of Capital

The rate of return that a company must earn on its investment projects to maintain its market value and satisfy its investors.