GSummitt,CPA,performed a Nonstatistical Sampling Plan to Examine the Inventory Balances

question 51

Multiple Choice

G.Summitt,CPA,performed a nonstatistical sampling plan to examine the inventory balances of Hero,Inc.Which of the following methods of sample selection are available to Summitt?

• A) Random and systematic only.
• B) Block and haphazard only.
• C) Any method Summitt believes will result in a representative sample.
• D) Any method where the results can be probabilistically estimated.

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Definitions:

Confidence Interval

A range of values used in statistics that is likely to contain the true value of an unknown parameter, calculated from a given set of sample data.

Sample Mean

The average of all measurements in a sample set, calculated by summing all observations and dividing by the number of observations.

Sample Variance

A measure of the dispersion or spread of data points in a sample, calculated as the sum of squared deviations from the mean, divided by the number of observations minus one.

Population Size

The entire population of people or items that an investigator seeks to examine or analyze.