CAS 530 Has a Very Specific Definition of Sampling

question 2

Multiple Choice

CAS 530 has a very specific definition of sampling.Assuming that each item (described as a sampling unit) in the populations below could be selected as part of the sample,which of the following illustrates the other part of the CAS 530 definition of sampling?

• A)looking at 50 sales invoices from the current population of 100 000
• B)recalculating interest calculations for notes payable
• C)estimating the gross profit by product for all company products
• D)inspecting all legal invoices for potential contingent liabilities

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Definitions:

Exhaustive

Thorough and comprehensive in approach or scope.

Deficit Spending

The practice of a government spending more money than it receives in revenue, typically funded through borrowing.

Borrowed Funds

Money obtained from external sources, such as banks or financial institutions, to be repaid over time with interest.

Transfer Payments

Payments made by the government to individuals or groups without expecting a good or service in return, often aimed at redistributing income, such as social security benefits and subsidies.