Suppose There Are 500 Accounts in a Population

question 38

Multiple Choice

Suppose there are 500 accounts in a population.You sample 50 of them and find a sample mean of $500.What would be your estimate for the population total?

• A)$5,000
• B)$50,000
• C)$250,000
• D)$500,000
• E)None of the above

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Definitions:

Cash Over And Short

An account that records the discrepancies between the actual cash received and the expected amount.

Credit Balance

An accounting term that signifies a positive balance in a liability, revenue, or equity account, which increases on the credit side and decreases on the debit side.

Petty Cash Fund

A nominal sum of cash reserved for quick payments of assorted trivial expenses.

Replenishing

Refers to the process of adding stock or supplies to bring quantities back up to predetermined levels.