In What Type or Types of Sample Design Do Elements

question 8

Multiple Choice

In what type or types of sample design do elements have an equal probability of selection?

• A) Simple random
• B) Census
• C) Proportionate stratified random sampling
• D) EPSEM
• E) All of the above

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Definitions:

LIFO Method

An inventory valuation method that assumes the last items placed in inventory are the first sold, affecting cost of goods sold and inventory valuations on financial statements.

Costs Decreasing

A situation where the expenses associated with the production or operation of a business are reducing over time.

Lowest Net Income

Refers to the lowest amount of net income recorded by a company over a given period, demonstrating its worst financial performance phase.

LIFO Inventory Method

Last In, First Out, an accounting method where the most recently acquired items are the first to be sold or used.