Jones,CPA,used a Classical Variables Sampling Application to Examine the Inventory

question 66

Multiple Choice

Jones,CPA,used a classical variables sampling application to examine the inventory balance of XYZ Company.The recorded value of the inventory was $240,000,and Jones determined a tolerable misstatement of $12,000.Jones' sampling procedures resulted in a precision interval of $224,000 to $236,000.As a result,Jones should conclude that the

• A) inventory balance is fairly stated.
• B) inventory balance is materially misstated.
• C) tolerable misstatement should be increased.
• D) risk of incorrect acceptance is below the desired level.

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Definitions:

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