The Advantage of Systematic Sample Selection Is That

question 25

Multiple Choice

The advantage of systematic sample selection is that

• A) it is easy to use.
• B) there is limited possibility of it being biased.
• C) it is unnecessary to determine if the population is arranged randomly.
• D) it automatically selects items material to the financial statements.

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Definitions:

Financial Statement

A formal record of the financial activities and position of a business, person, or other entity.

Permanent/Temporary

distinguishes between accounts or actions that exist indefinitely (permanent) or for a specific duration (temporary).

Closing Entries

Closing entries are journal entries made at the end of an accounting period to transfer temporary accounts to permanent accounts, preparing the books for the next period.

Worksheet Income Statement

is a financial statement that preliminarily combines income and expenses data in worksheet form to calculate net income or loss.