The Purpose of Sampling Is to Select a Set of Elements

question 45

Multiple Choice

The purpose of sampling is to select a set of elements from a population in such a way that the descriptions of the sample statistics accurately portray the parameters of the population.This is best achieved through use of:

• A) a convenience sample
• B) random selection
• C) the sampling element
• D) stratified sampling

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Definitions:

Purchase Returns and Allowances

Transactions where buyers return goods or are granted reductions in the initial selling price due to defects or other issues.

Purchase Discounts

Purchase discounts are reductions in the price paid for merchandise or services due to early payment by the buyer.

Freight-In

Refers to the transportation cost associated with getting goods from the manufacturer to the place of production or sales.

GAAP

Generally Accepted Accounting Principles, a set of rules and standards used for financial reporting and accounting practice in the United States.