Explain classical variables sampling. List the approaches used to evidence of audit as to fairness of an account balance or class of transaction.

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Answer 1

Question

Features Features Normal distribution is characterized by two parameters, mean (µ) and standard deviation (σ). When graphed, the mean represents the center of the bell curve and the graph is perfectly symmetric about the center. The mean, median, and mode are all equal for a normal distribution. The standard deviation measures the data's spread from the center. The higher the standard deviation, the more the data is spread out and the flatter the bell curve looks. Variance is another commonly used measure of the spread of the distribution and is equal to the square of the standard deviation.

Chapter GB, Problem 1RC

To determine

Explain classical variables sampling. List the approaches used to evidence of audit as to fairness of an account balance or class of transaction.

Expert Solution & Answer

Explanation of Solution

Classical Variable Sampling: Classical variable sampling uses each individual item in the population as a sampling unit. This sampling method uses normal distribution theory and central limit theorem for estimated range of the transactions misstated.

List the approaches used to evidence of audit as to fairness of an account balance or class of transaction:

Mean-per-unit estimation
Ratio estimation
Difference Estimation

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Answer 2

Question

Features Features Normal distribution is characterized by two parameters, mean (µ) and standard deviation (σ). When graphed, the mean represents the center of the bell curve and the graph is perfectly symmetric about the center. The mean, median, and mode are all equal for a normal distribution. The standard deviation measures the data's spread from the center. The higher the standard deviation, the more the data is spread out and the flatter the bell curve looks. Variance is another commonly used measure of the spread of the distribution and is equal to the square of the standard deviation.

Chapter GB, Problem 1RC

To determine

Explain classical variables sampling. List the approaches used to evidence of audit as to fairness of an account balance or class of transaction.

Expert Solution & Answer

Explanation of Solution

Classical Variable Sampling: Classical variable sampling uses each individual item in the population as a sampling unit. This sampling method uses normal distribution theory and central limit theorem for estimated range of the transactions misstated.

List the approaches used to evidence of audit as to fairness of an account balance or class of transaction:

Mean-per-unit estimation
Ratio estimation
Difference Estimation

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Answer 3

Question

Features Features Normal distribution is characterized by two parameters, mean (µ) and standard deviation (σ). When graphed, the mean represents the center of the bell curve and the graph is perfectly symmetric about the center. The mean, median, and mode are all equal for a normal distribution. The standard deviation measures the data's spread from the center. The higher the standard deviation, the more the data is spread out and the flatter the bell curve looks. Variance is another commonly used measure of the spread of the distribution and is equal to the square of the standard deviation.

Chapter GB, Problem 1RC

To determine

Explain classical variables sampling. List the approaches used to evidence of audit as to fairness of an account balance or class of transaction.

Expert Solution & Answer

Explanation of Solution

Classical Variable Sampling: Classical variable sampling uses each individual item in the population as a sampling unit. This sampling method uses normal distribution theory and central limit theorem for estimated range of the transactions misstated.

List the approaches used to evidence of audit as to fairness of an account balance or class of transaction:

Mean-per-unit estimation
Ratio estimation
Difference Estimation

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Answer 4

Question

Features Features Normal distribution is characterized by two parameters, mean (µ) and standard deviation (σ). When graphed, the mean represents the center of the bell curve and the graph is perfectly symmetric about the center. The mean, median, and mode are all equal for a normal distribution. The standard deviation measures the data's spread from the center. The higher the standard deviation, the more the data is spread out and the flatter the bell curve looks. Variance is another commonly used measure of the spread of the distribution and is equal to the square of the standard deviation.

Chapter GB, Problem 1RC

To determine

Explain classical variables sampling. List the approaches used to evidence of audit as to fairness of an account balance or class of transaction.

Expert Solution & Answer

Explanation of Solution

Classical Variable Sampling: Classical variable sampling uses each individual item in the population as a sampling unit. This sampling method uses normal distribution theory and central limit theorem for estimated range of the transactions misstated.

List the approaches used to evidence of audit as to fairness of an account balance or class of transaction:

Mean-per-unit estimation
Ratio estimation
Difference Estimation

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Answer 5

Chapter GB, Problem 1RC

To determine

Explain classical variables sampling. List the approaches used to evidence of audit as to fairness of an account balance or class of transaction.

Expert Solution & Answer

Explanation of Solution

Classical Variable Sampling: Classical variable sampling uses each individual item in the population as a sampling unit. This sampling method uses normal distribution theory and central limit theorem for estimated range of the transactions misstated.

List the approaches used to evidence of audit as to fairness of an account balance or class of transaction:

Mean-per-unit estimation
Ratio estimation
Difference Estimation

Answer 6

Chapter GB, Problem 1RC

To determine

Explain classical variables sampling. List the approaches used to evidence of audit as to fairness of an account balance or class of transaction.

Expert Solution & Answer

Explanation of Solution

Classical Variable Sampling: Classical variable sampling uses each individual item in the population as a sampling unit. This sampling method uses normal distribution theory and central limit theorem for estimated range of the transactions misstated.

List the approaches used to evidence of audit as to fairness of an account balance or class of transaction:

Mean-per-unit estimation
Ratio estimation
Difference Estimation

Answer 7

Chapter GB, Problem 1RC

To determine

Explain classical variables sampling. List the approaches used to evidence of audit as to fairness of an account balance or class of transaction.

Answer 8

Expert Solution & Answer

Explanation of Solution

Classical Variable Sampling: Classical variable sampling uses each individual item in the population as a sampling unit. This sampling method uses normal distribution theory and central limit theorem for estimated range of the transactions misstated.

List the approaches used to evidence of audit as to fairness of an account balance or class of transaction: