Introduction:The sampling method the numbers are assigned to the items or products. Random sampling selects those items in a random manner.
Requirement 1
Define the simple random sampling.
Introduction:Systematic sampling is process to select the products in random way but in a periodically manner.
Requirement 2
Define the systematic sampling.
Introduction:Here the items or samples have been selected in random order but within the sample interval.
Requirement 3
Define the systematic random sampling.
Introduction:In haphazard sampling the samples are selected in haphazard way or non-systematic manner.
Requirement 4
Define the haphazard sampling.
Introduction:When set of samples represents the block of same type of samples that sampling is called the block sampling.
Requirement 5
Define the block sampling.
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Auditing: A Risk Based-Approach (MindTap Course List)
- Probability samples versus nonprobability samples; also briefly define the types of valid probability samples.arrow_forwardDefine the terms precision (allowance for sampling risk), reliability (confidence), and precisioninterval.arrow_forwardUnderstand how to use sequential sampling,discovery sampling, and nonstatisticalsampling in attributes testing.arrow_forward
- In stratified random sampling, the population is first divided up into mutually exclusive and collectivelyexhaustive groups, called strata. Then simple random samples are drawn from each stratum, which areproportional to the stratum’s size in the population. True or Falsearrow_forwardWhat are the characteristics of Probability Proportionate to Size (PPS) sampling?arrow_forwardWhen using monetary unit sampling, the allowance for sampling risk is composed of: Basic precision and incremental allowance. Projected misstatement and basic precision. Projected misstatement and incremental allowance. Projected misstatement, basic precision, and incremental allowance.arrow_forward
- 1. Which of the following would be designed to estimate a numerical measurement of a population, such as monetary value?* A. Sampling for variables B. Sampling for attributes C. Sequential sampling D. Discovery sampling E. None of themarrow_forwardA principal advantage of statistical methods of attribute sampling over nonstatistical methods is that they provide a scientific basis for planning the A. risk of overreliance B. tolerable rate C. expected population deviation rate D. Sample sizearrow_forwardWhat type of sampling are Control Tests?arrow_forward
- Which of the following best describes the method of determining the ULRD?a. Expected population deviation rate + Allowance for sampling risk.b. Risk of underreliance + Allowance for sampling risk.c. Sample rate of deviation + Allowance for sampling risk.d. Tolerable rate of deviation + Allowance for sampling risk.arrow_forwardThe primary benefit of using nonstatistical sampling is thata. It generally results in a smaller sample size.b. It removes the need to consider allowance for sampling risk.c. It is simpler to use.d. All of the above are true.arrow_forwardDefine monetary unit sampling and explain its importance inauditing. How does it combine the features of attributes and variables sampling?arrow_forward
- Auditing: A Risk Based-Approach (MindTap Course L...AccountingISBN:9781337619455Author:Karla M Johnstone, Audrey A. Gramling, Larry E. RittenbergPublisher:Cengage Learning