Three Methods for Random Sampling Are: (A) Simple Random Sampling

question 2

Essay

Three methods for random sampling are: (a) simple random sampling, (b) stratified random sampling, and (c) cluster sampling. In a few sentences, discuss the similarities and differences among these sampling methods. Specifically, what sampling circumstances would lead you to choose each of these methods?

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Definitions:

Accounting Information

Data related to the financial transactions and status of an individual, business, or other entity, crucial for making economic decisions.

Subsidiary Ledger

A ledger containing individual accounts with a common characteristic.

Control Account

A general ledger account that summarizes the total amounts recorded in various subsidiary ledgers for easier and consolidated reporting.

Accounting System

A comprehensive process of collecting, recording, classifying, and summarizing financial information for business transactions.