The True Proportion of Accounts Receivable with Some Kind of Error

question 28

True/False

The true proportion of accounts receivable with some kind of error is 4 percent for Venal Enterprises. If an auditor randomly samples 50 accounts receivable, it is acceptable to use the normal approximation to estimate the probability that fewer than two will contain errors.

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Definitions:

Dawes Severalty Act

A 1887 law aimed at assimilating Native Americans into American society by dividing tribal land into individual plots for ownership.

Reservation Policy

A policy pertaining to the designation of specific lands for indigenous peoples, often characterized by forced relocations and aimed at assimilating indigenous populations into mainstream society.

Cattle Ranching

The business of raising and managing cattle for meat, milk, and other products, typically conducted on large expanses of land.

Cattle Industry

A sector of agriculture focused on the raising, breeding, and marketing of cattle for meat, dairy products, and other by-products.