The Finite Population Correction Is Used When

question 45

Multiple Choice

The finite population correction is used when:

• A)The population is considered finite
• C)Sampling is done without replacement
• D)All of the above

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Definitions:

Owner's Drawings

The withdrawal of business assets by the owner for personal use.

Closing Entries

Journal entries made at the end of an accounting period to transfer temporary account balances to permanent accounts in preparation for the new accounting period.

Accumulated Depreciation

The total amount of depreciation expense that has been recorded against a fixed asset since it was acquired, representing the wear and tear over time.

Service Revenue

Income earned by a company for the services it provides to its clients.