All of the Following Are Correct Regarding Variables Sampling,except

question 32

Multiple Choice

All of the following are correct regarding variables sampling,except:

• A)Variables sampling is used to examine a population when auditors want to estimate the amount (or value)of some characteristic of that population.
• B)The risk of incorrect rejection is of more concern to auditors than the risk of incorrect acceptance.
• C)Auditors can use either statistical or nonstatistical sampling approaches to variables sampling.
• D)To determine if an account balance is fairly stated,auditors compare the adjusted sample estimate of the misstatement to the tolerable misstatement.

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Definitions:

Oil Producing Nations

Countries that have significant oil reserves and participate in the extraction and exportation of oil.

Price of Oil

The cost at which oil is sold or bought in the global markets, influenced by factors like supply, demand, geopolitical events, and economic indicators.

Supply of Oil

The total amount of oil available for consumption or use, determined by production levels and reserves.

Equilibrium Price

The market price at which the quantity of an item supplied is equal to the quantity demanded, leading to market stability.