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When Selecting a Sample, Random Numbers May Be Obtained Either

question 34

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When selecting a sample, random numbers may be obtained either with replacement or without replacement. Although both selection methods are theoretically sound, auditors rarely use replacement sampling.


Definitions:

Median

The middle value in a data set when it is ordered from smallest to largest, or the average of the two middle values when the data set has an even number of values.

Set of Data

A collection of data points or values gathered for the purpose of analysis.

Mode Age

The most frequently occurring age within a data set.

Frequency Distribution

A summary of data showing the number or frequency of observations in each category or interval of a variable.

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