A Statewide Sample Survey Is to Be Conducted

question 69

Multiple Choice

A statewide sample survey is to be conducted. First,the state is subdivided into counties. Seven counties are selected at random,and further sampling is concentrated on these seven counties. What type of sampling is this?

• A)Simple random
• B)Systematic random sampling
• C)Cluster sampling
• D)Stratified sampling

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Definitions:

Equivalent Units

A concept used in cost accounting to denote the amount of finished goods units that could have been produced given the total amount of direct materials, direct labor, and manufacturing overhead costs incurred.

Weighted-Average Method

An inventory costing method where costs of goods are calculated based on the weighted average of the costs of similar items.

Process Costing System

A method of costing used where identical or highly similar goods are produced, assigning costs to units of product based on the process they undergo.

Weighted-Average Method

An inventory costing method that averages the cost of goods available for sale and assigns the average cost to both the cost of goods sold and remaining inventory.