Auditing: A Risk Based-Approach (MindTap Course List)
11th Edition
ISBN: 9781337619455
Author: Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher: Cengage Learning
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Question
Chapter 8, Problem 29CYBK
To determine
Introduction: Monitoring Unit Sampling (MUS) is a statistical sampling method which is used to find out the existence of any material misstatement in the financial statements of the client for a given population.
To choose:Whether the statement is True of False.
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Create a sample problem of an External Rate of Return.
Suppose you're given a data set that classifies each sample unit into one of four categories: A, B, C,
the data as A = 1, B=2, C = 3, and D=4. Are the data consisting of the classifications A, B, C, and D
or quantitative?
Are the data consisting of the classifications A, B, C, and D qualitiative or quantitative?
OA. Qualitative, because they are measured on a naturally occuring numerical scale.
B. Quantitative, because they are measured on a naturally occuring numerical scale.
C. Quantitative, because they can only be classified into categories.
D. Qualitative, because they can only be classified into categories.
***
After the data are input as 1, 2, 3, or 4, are they qualitative or quantitative?
OA. Qualitative, because they cannot be meaningfully added, subtracted, multiplied, or divided.
B. Qualitative, because they are measured on a naturally occurring numerical scale.
OC. Quantitative, because they are measured on a naturally occurring numerical scale.
OD. Quantitative, because…
Construct a sample problem of External Rate of Return (ERR).
Chapter 8 Solutions
Auditing: A Risk Based-Approach (MindTap Course List)
Ch. 8 - Prob. 1CYBKCh. 8 - Prob. 2CYBKCh. 8 - Prob. 3CYBKCh. 8 - Prob. 4CYBKCh. 8 - Prob. 5CYBKCh. 8 - Prob. 6CYBKCh. 8 - Prob. 7CYBKCh. 8 - Prob. 8CYBKCh. 8 - Prob. 9CYBKCh. 8 - Prob. 10CYBK
Ch. 8 - Prob. 11CYBKCh. 8 - Prob. 12CYBKCh. 8 - Prob. 13CYBKCh. 8 - Prob. 14CYBKCh. 8 - Prob. 15CYBKCh. 8 - Prob. 16CYBKCh. 8 - Prob. 17CYBKCh. 8 - Prob. 18CYBKCh. 8 - Refer to Exhibit 8.6. Assume a 5% risk of...Ch. 8 - Prob. 21CYBKCh. 8 - Prob. 22CYBKCh. 8 - Prob. 23CYBKCh. 8 - Prob. 24CYBKCh. 8 - Prob. 25CYBKCh. 8 - Prob. 26CYBKCh. 8 - Prob. 27CYBKCh. 8 - Prob. 28CYBKCh. 8 - Prob. 29CYBKCh. 8 - Prob. 30CYBKCh. 8 - Prob. 31CYBKCh. 8 - Prob. 32CYBKCh. 8 - Prob. 33CYBKCh. 8 - Prob. 34CYBKCh. 8 - Prob. 35CYBKCh. 8 - Prob. 36CYBKCh. 8 - Prob. 37CYBKCh. 8 - Prob. 38CYBKCh. 8 - Prob. 39CYBKCh. 8 - Prob. 1RQSCCh. 8 - Prob. 3RQSCCh. 8 - Prob. 4RQSCCh. 8 - Prob. 5RQSCCh. 8 - Prob. 6RQSCCh. 8 - Prob. 7RQSCCh. 8 - Prob. 8RQSCCh. 8 - Prob. 9RQSCCh. 8 - Prob. 10RQSCCh. 8 - Prob. 11RQSCCh. 8 - Prob. 12RQSCCh. 8 - Prob. 13RQSCCh. 8 - Prob. 14RQSCCh. 8 - Prob. 15RQSCCh. 8 - Prob. 16RQSCCh. 8 - Prob. 17RQSCCh. 8 - Prob. 18RQSCCh. 8 - Prob. 19RQSCCh. 8 - What is stratification? Distinguish between...Ch. 8 - Prob. 21RQSCCh. 8 - Prob. 22RQSCCh. 8 - Prob. 23RQSCCh. 8 - Prob. 24RQSCCh. 8 - Prob. 25RQSCCh. 8 - Prob. 26RQSCCh. 8 - Prob. 27RQSCCh. 8 - Prob. 28RQSCCh. 8 - Prob. 29RQSCCh. 8 - Prob. 30RQSCCh. 8 - Prob. 31RQSCCh. 8 - Prob. 32RQSCCh. 8 - Prob. 33RQSCCh. 8 - Prob. 36RQSCCh. 8 - Prob. 37RQSC
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Similar questions
- 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_forwardSummarize the concept behind monetary-unit sampling (MUS). How does MUS use attribute-sampling theory?arrow_forwardCompute the mean, median, and mode of the data sample. (If every number of the set is a solution, enter EVERY in the answer box.) 3, 4, 4, 8, −4 mean______ median_______ mode__________arrow_forward
- Make an Internal Rate of Return sample problem with a diagram and solution.arrow_forwardExplain the following audit sample selection 1. Random selection 2. Systematic selection 3. Monetary unit sampling 4. Haphazard selection 5. Block selection 6. Attribute samplingarrow_forwardUnderstand how various factors influencethe size of an attributes sample and how todetermine the sample size for an attributessampling application.arrow_forward
- Experimental outcomes that are based on measurement scales such as time, weight, and distance can be described by _____ random variables. a. uniform b. discrete c. continuous d. intermittentarrow_forwardWhen the auditor goes through a population and selects items for the sample without regard to their size, source, or other distinguishing characteristics, it is called Block selection\ Haphazard selection Random selection Systematic selectionarrow_forwardThe ________ is used to compare thevariability of two or more data sets with different scales. coefficient of variation variance median coefficient of skewnessarrow_forward
- When using monetary unit sampling, reliability factors are used in calculating: Basic precision and incremental allowance. Incremental allowance. Projected misstatement. Projected misstatement and incremental allowance.arrow_forwardb. Convert the Data available into a Table and choose a Design of your choice.c. Obtain the Mean, Median, Standard Deviation, Variance, Quartiles (Q1, Q2, Q3, Q4), IQRfor the entire data (1895-1998), using ONLY Excel Functions (not using the Analysis ToolPak Add-In)d. Use the Statistical measurements generated from the Analysis Toolpak (Add-In) andcompare the values obtained in (c). Comment on your findings.arrow_forwardDifference estimation is a classical variables sampling technique that projects the sample average to the total population by multiplying the sample average by the number of items in the population. True Falsearrow_forward
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