Which of the Following Principles Applies to Probability Sampling

question 67

Multiple Choice

Which of the following principles applies to probability sampling?

• A) The larger the population, the larger the standard error.
• B) The larger the population, the larger the sample necessary for a given margin of error.
• C) The larger the sample, the smaller the standard error.

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Definitions:

LIFO inventory cost method

A method in accounting where the last item of inventory purchased is the first one used or sold.

Ending inventory

The value of goods available for sale at the end of an accounting period, crucial for determining cost of goods sold and net income.

Perpetual inventory system

An inventory management approach where stock levels are updated continuously as transactions occur.

LIFO inventory cost method

An inventory valuation method that assumes the last items acquired are the first to be sold, affecting cost of goods sold and ending inventory.