Several researchers have found that evaluating the internal control procedures of an organization by evaluating its accounting records is impractical because businesses are usually too large to allow for an examination of all, or even a quarter, of the year’s transactions. An audit was conducted by randomly selecting ? = 36 bills of lading from among those transacted during the past year by a trucking firm. The mean and standard deviation of the bills were found to be $2,160 and $575, respectively. Estimate ?x, the average bill of lading transacted by the firm during the past year, and place a 99% bound on the error of estimation.
Several researchers have found that evaluating the internal control procedures of an organization by evaluating its accounting records is impractical because businesses are usually too large to allow for an examination of all, or even a quarter, of the year’s transactions. An audit was conducted by randomly selecting ? = 36 bills of lading from among those transacted during the past year by a trucking firm. The mean and standard deviation of the bills were found to be $2,160 and $575, respectively. Estimate ?x, the average bill of lading transacted by the firm during the past year, and place a 99% bound on the error of estimation.
Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
18th Edition
ISBN:9780079039897
Author:Carter
Publisher:Carter
Chapter10: Statistics
Section10.4: Distributions Of Data
Problem 19PFA
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Several researchers have found that evaluating the internal control procedures of an organization by evaluating its accounting records is impractical because businesses are usually too large to allow for an examination of all, or even a quarter, of the year’s transactions. An audit was conducted by randomly selecting ? = 36 bills of lading from among those transacted during the past year by a trucking firm. The mean and standard deviation of the bills were found to be $2,160 and $575, respectively. Estimate ?x, the average bill of lading transacted by the firm during the past year, and place a 99% bound on the error of estimation.
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