There Are Many Kinds of Statistical Estimates That an Auditor

question 29

Multiple Choice

There are many kinds of statistical estimates that an auditor may find useful, but basically every accounting estimate is either of a quantity or of an error rate. The statistical terms that roughly correspond to "quantities" and "error rate," respectively, are:

• A) attributes and variables.
• B) variables and attributes.
• C) constants and attributes.
• D) constants and variables.

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Definitions:

National Debt

The net accumulation of federal budget deficits.

Rate of Unemployment

The percentage of the labor force that is jobless and actively seeking employment.

Normative Economic Statement

A statement that reflects opinions or judgments about what ought to be in economics, focusing on the desirability of certain economic policies or outcomes.

Minimum Wage

The lowest legal wage that employers are allowed to pay their workers, set by law to ensure a minimum standard of living for employees.