What Does It Mean When a Computer Printout Reads "P

question 16

Multiple Choice

What does it mean when a computer printout reads "p = 0.03"?

• A)The falls in the extreme 3% of the sampling distribution and the probability of a Type I error is 0.03.
• B)The falls in the extreme 3% of the sampling distribution and the probability of a Type II error is 0.03.
• C)The probability of a Type I error (0.03)is smaller than  (0.05),and,therefore,the results are nonsignificant.
• D)The probability of an error should be reported as p  0.01.

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Definitions:

Closing Entries

Journal entries made at the end of an accounting period to transfer the balances of temporary accounts to a permanent owner's equity account, preparing the accounts for the next period.

Adjusted Trial Balance

A record comprising all accounts with their respective balances, updated following adjustment entries, which serves as a foundation for creating financial reports.

Closing Entries

Journal entries made at the end of an accounting period to transfer temporary account balances to permanent accounts in preparation for the next accounting period.

T Accounts

T accounts are a visual representation of individual accounts used in accounting to depict debits and credits for transaction entries.