Monetary unit sampling (MUS) is the most commonly used statistical method of samplingfor tests of details because of its simplicity and its ability to provide statistical resultsin dollars. Read an article titled “Monetary-Unit Sampling Using Microsoft Excel” thatappeared in the May 2005 issue of The CPA Journal (www.nysscpa.org/cpajournal/2005/505/essentials/p36.htm) to answer the following questions.a. The authors suggest that there are three critical steps in applying MUS. What arethese steps?b. How do the authors indicate that an MUS sample size is determined?c. What two factors must be considered when evaluating the results of the sample?
Monetary unit sampling (MUS) is the most commonly used statistical method of samplingfor tests of details because of its simplicity and its ability to provide statistical resultsin dollars. Read an article titled “Monetary-Unit Sampling Using Microsoft Excel” thatappeared in the May 2005 issue of The CPA Journal (www.nysscpa.org/cpajournal/2005/505/essentials/p36.htm) to answer the following questions.a. The authors suggest that there are three critical steps in applying MUS. What arethese steps?b. How do the authors indicate that an MUS sample size is determined?c. What two factors must be considered when evaluating the results of the sample?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Monetary unit sampling (MUS) is the most commonly used statistical method of sampling
for tests of details because of its simplicity and its ability to provide statistical results
in dollars. Read an article titled “Monetary-Unit Sampling Using Microsoft Excel” that
appeared in the May 2005 issue of The CPA Journal (www.nysscpa.org/cpajournal/2005/
505/essentials/p36.htm) to answer the following questions.
a. The authors suggest that there are three critical steps in applying MUS. What are
these steps?
b. How do the authors indicate that an MUS
c. What two factors must be considered when evaluating the results of the sample?
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