Random Samples Are Used to Estimate Error in Statistical Sampling

question 5

Multiple Choice

Random samples are used to estimate error in statistical sampling distributions because

• A)of the systematic nature of random error
• B)of the probability that random error is less likely to occur
• C)of our ability to reproduce that type of error
• D)random samples cannot be used to estimate error because "random" means the error would be unknown

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Definitions:

Recognition Principles

The criteria and rules that govern when and how revenue and expenses are recognized in the accounting period they occur.

Expenses

Costs incurred by a business in the process of earning revenues, including operational costs, rent, utilities, and employee salaries.

Comprehensive Business Reporting

A holistic approach to reporting that combines financial, social, and environmental performance indicators to give stakeholders a more complete view of a company's activities and impact.

CFA

Chartered Financial Analyst, a professional designation given by the CFA Institute to finance and investment professionals.