For Each of the Following Statements,indicate Whether It Is More

question 27

Short Answer

For each of the following statements,indicate whether it is more closely related to attributes sampling or variables sampling by using the letter A (attributes)and V (variables).
1___.Used to allow the auditor to assess risk of material misstatement.
2___.Sampling risks include the risk of incorrect acceptance and risk of incorrect rejection.
3___.The population variability affects the sample size.
4___.The auditor's sample would include transactions or components comprising the account balance.
5___.Sampling risks include the risk of underreliance and the risk of overreliance.
6___.The auditor's sample would include potential applications of control policies and procedures.
7___.This type of sampling is influenced by the auditor's acceptable level of detection risk.

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Definitions:

International Trade

the exchange of goods and services across international borders or territories.

Autarky

An economic system where a region or country is self-sufficient and does not engage in international trade.

Consumer Surplus

The discrepancy between what buyers are willing to offer for an item or service and the price they actually pay.

Producer Surplus

Producer surplus is the difference between the amount producers are willing and able to supply a good for and the actual amount they receive due to market price.