Question: It is common for professional auditors to analyze checking accounts with a randomly selected sample of checks. Given below are check amounts (in dollars) from
It is common for professional auditors to analyze checking accounts with a randomly selected sample of checks. Given below are check amounts (in dollars) from a random sample of checks issued by the author.
115.00 188.00 134.83 217.60 142.94
a. Find the mean.
b. Find the median.
c. Find the range.
d. Find the standard deviation.
e. Find the variance.
f. Use the range rule of thumb to identify the range of usual values.
g. Based on the result from part (f ), are any of the sample values unusual? Why or why not?
h. What is the level of measurement of the data: nominal, ordinal, interval, or ratio?
i. Are the data discrete or continuous?
j. If the sample had consisted of the last five checks that the author issued, what type of sampling would have been used: random, systematic, stratified, cluster, convenience?
k. The checks included in this sample are five of the 134 checks written in the year. Estimate the total value of all checks written in the year.
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