A Card-Dealing Machine Deals Spades (1),hearts (2),clubs (3),and Diamonds (4)at

question 49

Multiple Choice

A card-dealing machine deals spades (1) ,hearts (2) ,clubs (3) ,and diamonds (4) at random as if from an infinite deck.In a randomness check,1,600 cards were dealt and counted.The results are shown below. Using the p-value approach and α = 0.05,the decision and conclusion are _________________________________.

• A) do not reject the null hypothesis;all of the population proportions are the same
• B) reject the null hypothesis;conclude that not all proportions are equal to 0.20
• C) reject the null hypothesis;conclude that not all proportions are equal to 0.25
• D) do not reject the null hypothesis;we cannot conclude that not all of the proportions are equal to 0.25

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Definitions:

Overstated Beginning Inventory

An accounting error where the starting inventory level is recorded higher than it actually is, leading to inaccuracies in financial statements.

Lower of Cost or Market

An accounting principle that values inventory at the lower amount between its original cost and its current market price.

Inventory Valuation

The method used to assess the cost of unsold goods or materials held by a company, impacting financial reporting and taxation.

Specific Identification Method

a method in inventory management and accounting that tracks the cost of specific items of inventory, often used for unique or high-value items.