An Accountant Reviewed a Firm's Billing for an Entire Year

question 155

Essay

An accountant reviewed a firm's billing for an entire year and computed an average bill of $125, with a standard deviation of $15. The firm's comptroller claims that a sample of 50 bills would have saved a lot of work and achieved the same result. Describe the sampling distribution and comment.

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Definitions:

CTRL+RIGHT ARROW

A keyboard shortcut typically used to move the cursor to the beginning of the next word, facilitating faster navigation through text.

ALT+RIGHT ARROW

A keyboard shortcut often used to move forward through tabs, history, or elements within a software application.

CTRL+DOWN ARROW

A keyboard shortcut used to quickly navigate to the next filled cell in a column within spreadsheet applications.

ALT+DOWN ARROW

A keyboard shortcut used to open a drop-down list or to initiate a specific action within software applications.