Exhibit 11-5 Last School Year, the Student Body of a Local University

question 1

Multiple Choice

Exhibit 11-5
Last school year, the student body of a local university consisted of 30% freshmen, 24% sophomores, 26% juniors, and 20% seniors. A sample of 300 students taken from this year's student body showed the following number of students in each classification.
We are interested in determining whether or not there has been a significant change in the classifications between the last school year and this school year.
-Refer to Exhibit 11-5. The p-value is

• A)less than .005
• B)between .025 and 0.05
• C)between .05 and 0.1
• D)greater than 0.1

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Definitions:

Base Period

A specific time period used as a comparison point for assessing economic or financial data across different periods of time.

Variable Costing

An accounting method that only includes variable costs, such as materials and labor, in the cost of goods sold and excludes fixed overhead costs.

Direct Costing

A method in managerial accounting that includes variable costs directly attributable to the production of a product in the cost of goods sold, excluding fixed costs.

Full Costing

An accounting method that includes all direct and indirect costs in the price of a product or service.