In Availability Sampling, Elements Are Selected

question 11

Multiple Choice

In availability sampling, elements are selected

• A)Because they will be generalizable
• B)Because they are easy to find
• C)On the basis of naturally occurring aggregates of elements of the population
• D)Because they are in proportion to the population

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Definitions:

Prepayment of Expenses

The payment for goods or services before they are received or consumed, often recorded as an asset on the balance sheet until used.

Adjusting Entry

An accounting entry made at the end of an accounting period to allocate income and expenditure to the period in which they actually occurred, ensuring that financial statements reflect accurate and up-to-date information.

Expense Accounts

Accounts used in accounting to track money spent or costs incurred in a business's operation, often categorized for budgeting and taxation purposes.

Asset Account

An account on a company's balance sheet that represents a resource with economic value owned or controlled by the business.