Sample Accuracy Refers To

question 61

Multiple Choice

Sample accuracy refers to:

• A) the extent to which the sample is validated
• B) the extent to which the sample statistics differ from the true population values the statistics represent
• C) the extent to which the population statistics differs from the representativeness of the sample
• D) a statistical concept that can be assessed only theoretically
• E) how close the sample statistics match the predetermined values expected by management

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Definitions:

Inventory Account

An account on a company’s balance sheet that represents the value of the goods that are ready for sale but have not yet been sold.

Consolidation Adjustment

Adjustments made during the preparation of consolidated financial statements to eliminate the effects of inter-company transactions among entities within a single group.

Contingent Liability

A liability that may occur depending on the outcome of a future event.

Business Combination Valuation Entries

Journal entries made in accounting to record the assets and liabilities at their fair values in a business acquisition.