Question: Which classical method uses both the audited and book values of items in the sample to obtain an estimated total audited value? Multiple Choice Discovery

Which classical method uses both the audited and book values of items in the sample to obtain an estimated total audited value?

Multiple Choice

Discovery sampling
Ratio estimation sampling
Mean-per-unit estimation sampling
Probability-proportional-to-size sampling

The 2,000 accounts receivable of Willings Company have a total book value of $120,000. A Certified Public Accountant (CPA) using nonstatistical variables sampling has selected and audited a sample of 100 accounts with a total book value of $6,100 and an audited value of $5,900.

Using the difference estimation technique, estimated total audited value of the population is:

Multiple Choice

$124,068.
$118,000.
$116,066.
$116,000

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!

Which classical method uses both the audited and book values of items in the sample to obtain an estimated total audited value? Multiple Choice Probability-proportional-to-size sampling Mean-per-unit...

Which classical method uses both the audited and book values of items in the sample to obtain an estimated total audited value? Discovery sampling Ratio estimation sampling Mean-per-unit estimation...

7 ) What classical method uses both the audited and book values of items in the sample to obtain an estimated total audited value? Multiple Choice Discovery sampling Probability - proportional - to -...

Rachel Robertson wishes to use mean-per-unit sampling to evaluate the reasonableness of the book value of the accounts receivable of Smith, Inc. Smith has 10,400 recevable accounts with a total book...

Rachel Robertson wishes to use mean-per-unit sampling to evaluate the reasonableness of the book value of the accounts receivable of Smith, Inc. Smith has 11,000 receivable accounts with a total book...

Required: o. Use the ratio method to calculate: (The solution from 9-42 is required in order to complete 9-43.) (Do not round intermediate calculations. Round your answers to the nearest whole...

Helpppp The 1,000 accounts receivable of Winco Company have a total book value of $20,000 (Average book value- S20). Bob Duffo, CPA has selected and audited a sample of 50 accounts with the following...

Awlit Sampling 383 The book value in the population is $198,000. What is the estimated audited value of the population using the mean-per-unit method? (1) $198,000. (2) $200,000. (3) $201,000. (4)...

The problems in Chegg Study for this textbook do not answer these questions... 9-42. Smith, Inc. Rachel Robertson wishes to use mean-per-unit sampling to evaluate the reasonableness of the book value...

The 1,000 accounts receivable of Baker Company have a total book value of $30,000 (Average book value = $30). Wendy Duffo, CPA, has selected and audited a sample of 50 accounts with the following...

The Indian courts convicted eight individuals associated with the operations of UCIL. However, nomanager from UCC, including Warren Anderson, was convicted. Do you believe that the blame lies solely...

On the average, a certain computer part lasts 1/4.0 years. a. What is the probability that exactly 7 computer parts last a year? [Here number of lasting computer parts, is discrete random variable,...

Reporting on an entity's internal controls or prospective financial information are examples of _ _ _ _ _ engagements

LGI 2-1 Balance Sheet You are evaluating the balance sheet for Goodman's Bees Corporation. From the balance sheet you find the following balances: cash and marketable securities - $400,000, accounts...