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ACT 5743-In monetary-unit sampling, population size is

01 / 10 / 2021 Projects

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ACT 5743-In monetary-unit sampling, population size is

QUESTION 5In monetary-unit sampling, population size isThe dollar balance in an accountThe number of items in an accountUnrelated to sample sizeIncluded in the denominator of the formula to determine sample size1 pointsQUESTION 6Which of the following would cause the auditor to not use attribute sampling?The computed upper deviation rate is less than the tolerable rateThe estimated population deviation rate is greater than the confidence levelThe estimated population deviation rate is greater than the tolerable rateThe risk of incorrect rejection is higher than the tolerable risk1 pointsQUESTION 7The accounting department reports that the balance of accounts receivable is $210,000. You are willing to accept that balance if it is within $15,000 of the actual balance. Using a variables sampling plan, you compute a 95% confidence interval of $208,000 to $225,000. You would thereforeNot be able to determine the acceptability of the receivable balanceAccept the balance but with a lower level of confidenceTake a larger sample before totally rejecting the balance and requiring adjustmentsAccept the $210,000 balance because the confidence interval is within the materiality limits1 pointsQUESTION 8Which of the following statements best describes an inherent limitation of the monetary-unit sampling method?It can only be used for substantive testing of asset accountIt requires the use of a computer system to perform the required calculationsMisstatement rates must be large and the misstatements must be overstatementsMisstatement rates must be small and the misstatements must be overstatements1 pointsQUESTION 9Which of the following risks is related to efficiency of testing?The risk of incorrect rejectionInherent riskThe risk of incorrect acceptanceNone of the above1 pointsQUESTION 10For an attributes sampling plan, the tolerable deviation rate is 4%, the computed upper deviation rate is 7%, the sample deviation rate is 3%, and the risk of assessing control risk too low is 5%. Which of the following is true?The auditor must increase control risk because the risk of assessing control risk too low is greater than the tolerable deviation rateThe auditor is likely to increase control risk because the risk of assessing control risk too low is greater than the tolerable deviation rateThe auditor must increase control risk because the computed upper deviation rate is greater than the tolerable deviation rateThe auditor is likely to increase control risk because the computed upper deviation rate is greater than the tolerable deviation rate



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