The __________________________ Assumes That the Entire Sampling Interval Contains the Same

question 108

Short Answer

The __________________________ assumes that the entire sampling interval contains the same percentage of misstatement as the item examined by the auditor.

---

Definitions:

Debit

An accounting entry that increases an asset or expense account, or decreases a liability or equity account. It is positioned on the left in an accounting entry.

Credit

An accounting entry that increases a liability or equity account or decreases an asset or expense account, reflecting the opposite of a debit.

Basic Accounting Equation

Assets = Liabilities + Stockholders’ Equity.

Assets

Resources owned by a business or individual that have economic value and can be converted into cash.