Non-Statistical Sampling Is Audit Sampling in Which Auditors Do Not

question 2

True/False

Non-statistical sampling is audit sampling in which auditors do not use the probability calculations to express the results.

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Definitions:

Adjusting Entry

Journal entries made in accounting records at the end of an accounting period to allocate income and expenses to the period in which they actually occurred.

Net Realizable Value

The estimated selling price of inventory in the ordinary course of business minus any costs for completion, disposal, and transportation.

Bad Debt Expense

A financial accounting concept representing the amount of revenue considered uncollectible from customers or clients.

Percent Of Sales Method

A financial forecasting model that estimates future financial statements based on assumed sales growth and historical financial ratios.