An Auditor Wishes to Take a Sample to Verify the Accounts

question 16

Short Answer

An auditor wishes to take a sample to verify the accounts receivable balances for a very large corporation.From past history,he knows that $\text { σ }$
is $102.49.What sample size must be taken to be 99% confident that the estimate will be within $5 of the true mean account balance?

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Definitions:

Twenty-Five Dollars

The equivalent of 25 units of currency, often referenced in financial transactions or budgets.

Verb Agree

The grammatical rule that a verb must match its subject in number and person.

Subject

The person, place, thing, or idea that performs the action or is described in a sentence.

Salad Dressings

A mixture of ingredients like oils, vinegar, herbs, and seasonings applied to salads to enhance flavor and texture.