A Sample Survey of Intangibles Typically Is Used Instead of a Census

question 11

Multiple Choice

A sample survey of intangibles typically is used instead of a census of intangibles because

• A) collecting information from a population may be excessively expensive in terms of time and money.
• B) it is often impossible to collect information on all people in a population.
• C) a representative sample reflects the characteristics of the population within a well-defined margin of error.
• D) All of these are true.

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Definitions:

Total Assets

The sum of all resources owned by an entity, including cash, investments, equipment, and property, as recorded on the balance sheet.

Accounts

Accounts generally refer to the records of financial transactions and positions related to assets, liabilities, equity, revenues, and expenses.

Balances

The amounts remaining in various accounts, such as bank accounts or ledger accounts, at a certain point in time.

December 31

December 31 typically refers to the last day of the year in the Gregorian calendar, often associated with year-end financial statements and tax considerations.