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Describe two areas where segregation of duties is important in the expenditure cycle.
Central Limit Theorem
A statistical theory stating that the distribution of sample means approximates a normal distribution as the sample size becomes large, regardless of the population's distribution.
Sampling Distribution
The probability distribution of a given statistic based on a random sample, essential in estimating the sampling variability.
Sample Mean
The average value of a sample, used as an estimate of the population mean.
Infinite Population
A hypothetical concept referring to a population of unlimited size, used as an assumption in certain statistical models.
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