s discussed in class, what is the big-picture purpose of external financial reporting? To help banks (and only banks) make a decision about whether to loan money to a firm To torture us all with debits and credits To help the IRS calculate taxes Because a bunch of people need jobs keeping track of this stuff To help investors (and only investors) make a decision about whether to invest in the firm To help firm outsiders make better, more informed, decisions about a firm Are Arizona people generally happier during nice weather? Researchers (Bakhshi et al., 2014), found that people who eat at restaurants tend to rate them higher during nice weather and lower when it's very hot (extreme temperatures). To verify this result, another researcher collected a sample of n=25 reviews of local restaurant during an unusually hot period (temperatures over 105) in Phoenix, AZ and obtained an average rating of M=7.29. The complete reviews for the previous year averaged =7.52 with =0.60. - Can the researcher conclude that reviews during extreme hot weather are significantly lower than the general population average? Use a ONE-TAILED HYPOTHESIS TEST with a=.05 First, select the correct null and alternative hypotheses: H0:7.52 Extreme temperature will not decrease ratings in general population of restaurants in Phoenix, AZ H1: