During Your Audit of Brown Company You Are Trying to Determine

question 7

Multiple Choice

During your audit of Brown Company you are trying to determine whether all accounts payable were recorded. Which assertion are you gathering evidence for?

• A)Occurrence.
• B)Presentation and disclosure.
• C)Completeness.
• D)Valuation or allocation.

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Definitions:

Finite Population Correction Factor

A correction applied to standard errors or variances when sampling from a finite population without replacement, to account for the decreased variability.

Population Mean

The average of all the values in a population, calculated as the sum of all values divided by the number of values.

Sample Mean

The arithmetic average of a set of numerical values, calculated by adding them together and dividing by the number of observations.

Sample

A subset of individuals or observations selected from a larger population for the purpose of statistical analysis.