Examlex
Assuming the client's internal controls are effective, describe how the auditor can verify proper cutoff of sales transactions.
Inferential Statistics
A branch of statistics that allows for making predictions or inferences about a population based on a sample of data.
Mutually Exclusive
Events that cannot occur simultaneously, indicating that the happening of one precludes the occurrence of the other.
Hypothesis Testing
A statistical method to decide whether to accept or reject a hypothesis based on sample data.
Significance Level
The probability of rejecting the null hypothesis in a statistical test when it is true. Often denoted by alpha, it's a measure of the risk of a Type I error.
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