In a Random Sample

question 52

Multiple Choice

In a random sample,

• A) everyone has the same chance of being selected for the sample.
• B) a variable is the basis on which a group of people are randomly selected.
• C) a sample is chosen from a selected group of people.
• D) characteristics of the total population are represented.

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Definitions:

Equivalent Units

A concept in cost accounting used to allocate costs to partially completed goods, expressed in terms of full units of output.

Direct Materials

Materials that can be directly linked to the production process of a product and are essential components of the final product.

Weighted-Average Method

An inventory costing method that assigns the average cost of goods available for sale to both ending inventory and cost of goods sold, weighing the average by the quantities purchased at different prices.

Conversion Cost

The combination of direct labor and manufacturing overhead costs required to convert raw materials into finished products.