The Most Commonly Used Method of Statistical Sampling for Tests

question 97

Multiple Choice

The most commonly used method of statistical sampling for tests of details of balances is:

• A) discovery sampling.
• B) monetary-unit sampling.
• C) variables sampling.
• D) attributes sampling.

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Definitions:

Trial Balance

A financial worksheet that gathers the balances from all accounts into columns of debits and credits, verifying the mathematical accuracy of a company's accounting records.

Ledger

Definition: A book or database in which financial transactions are summarized and categorized to show account balances.

Fees Billed

Represents charges issued by a company for services it has provided, awaiting payment from clients or customers.

Accounts Receivable

Financial obligations customers have towards a business for availed goods or services which are unpaid.