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Accounting

1. The Acme Company has an $8,000,000 balance in accounts receivable. Their CPA believes that there are very few misstatements. Which of the following would the CPA use to audit the account?
a. Mean per unit
b. Ratio estimation
c. Probability proportionate to size
d. Classical variables sampling

2. The expected population deviation rate is determined by
a. Judgment
b. Last year's deviation rate
c. Standard deviation calculation
d. None of the above

3. Which method of selecting the sample is usually the best?
a. Systematic sampling
b. Random number sampling
c. Block sampling
d. Probability proportionate to size sampling

4. Which of the following should not be performed by generalized audit software?
a. Calculating standard deviation
b. Gap detection
c. Identify deviations
d. All of the above can be done by generalized audit software

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9403014

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