Question: Using statistical sampling to assist in verifying the yearminus end accounts payable balance, an auditor has accumulated the following data Number of accounts Book balance

Using statistical sampling to assist in verifying the

yearminus

end

accounts payable balance, an auditor has accumulated the following data

Number of

accounts

Book

balance

Balance

determined by

the auditor

Population:

4,000

$5,000,000

?

Sample:

200

$250,000

$300,000

Projecting the misstatement to the population, the auditor's estimate of

yearminus

end

accounts payable balance would be:

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Q:

Multiple Choice Questions 1. While performing a test of details during an audit, the auditors determined that the sample results supported the conclusion that the recorded account balance was...

Q:

Using statistical sampling to assist in verifying the yearend accounts payable balance, an auditor has accumulated the following data: Number of accounts Book balance Balance determined by the...

Q:

14. An auditor is confirming a population of accounts receivable for monetary correctness. The population totals $2,000,000 and a sample of 200 confirmations is obtained. Upon audit, no misstatements...

Q:

Answer case 6 -ASE 6: CLASSICAL APPROACH . DIFFERENCE ESTIMATION, RATIO ESTIMATION and MEAN PER UNIT ESTIMATION using statistical sampling to assist in verifying the prior year end accounts payable...

Q:

Question 39 2 pts Using statistical sampling to assist in verifying the year-end accounts payable balance, an auditor has accumulated the following data: Population: Number of Accounts: 4,100; Book...

Q:

Using statistical sampling to assist in verifying the yearend accounts payable balance, an auditor has accumulated the following data: Balance Number of Book determined by accounts balance the...

Q:

Using statistical sampling to assist in verifying the year-end accounts payable balance, an auditor has accumulated the following data: Using the ratio estimation technique, the auditors estimate of...

Q:

Using statistical sampling to assist in verifying the yearend accounts payable balance, an auditor has accumulated the following data: Using the ratio estimation technique, the auditors estimate of...

Q:

Using statistical sampling to assist in verifying the yearend accounts payable balance, an auditor has accumulated the following data: Number of accounts Book balance Balance determined by the...

Q:

Using statistical sampling to assist in auditing the year-end accounts payable balance, an auditor has accumulated the following data: Using the ratio estimation technique, the auditor's estimate of...

Q:

Every pump has a head-discharge curve, charting the relationship between the height, h, that it is pulling or pushing water up, and the rate, r at which it can pump. If the equation of a pump's curve...

Q:

What volume does 4.87 mol of Kr have at STP?

Q:

Question 3 An investor holds two bonds, both pay 6 % coupon semiannually, one with 5 years until maturity and the other with 2 0 years until maturity. Which of the following is m increase by 2 % ?...

Q:

what are petco short and long term goals

Q:

Name at least three major pieces of legislation that supported the advancement of the human relations movement in management. Why were they effective in producing change?

Q:

Why do you think the majority of union elections are won or lost by management long before a union ever appears?

Q:

Why it is advisable to have a comprehensive policy governing solicitation and the posting of information on the premises in place before any signs of active union organizing appear?