Exhibit 16

question 10

Multiple Choice

Exhibit 16.3 Stella would like to determine the amount of the average purchase at her software store with a total precision of $10,a historical average purchase variance of $150,and at a 95% confidence level.
Refer to Exhibit 16.3.What sample size does Stella need?

• A)2
• B)12
• C)24
• D)30
• E)8

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Definitions:

Internal Control Objectives

Aims to ensure the accuracy and reliability of financial reports, compliance with laws and regulations, and the effectiveness and efficiency of operations.

Financial Reports

Documents that present an organization's financial performance and position, typically including balance sheets, income statements, and cash flow statements.

Compliance

Refers to the act of following and adhering to rules, regulations, standards, or laws.

Voucher

Any document that serves as proof of authority to pay cash or issue an electronic funds transfer, but for many businesses is a special form used to record data about a liability and the details of its payment.