1. Non-statistical sampling is commonly used in audit practice. Describe each of the four items required in a non-statistical audit test. Discuss the reasons why you would use, or not use, this type of testing for account transactions whose values range from very material to immaterial amounts. Describe why you believe non-statistical sampling is best for material vs immaterial amount testing, or vice versa. 2. When a partnership is formed, each partner can contribute more than just cash to the business. If a particular partner contributes particular attributes to the partnership, such as a client base, or specific expertise, what are the methods that can be used to record these contributions? Is one method more appropriate than another? 3. If you could choose between doing all your grocery shopping once a year or shopping every day, which would you choose? Explain your answer in terms of the costs for each option.
1. Non-statistical sampling is commonly used in audit practice. Describe each of the four items required in a non-statistical audit test. Discuss the reasons why you would use, or not use, this type of testing for account transactions whose values range from very material to immaterial amounts. Describe why you believe non-statistical sampling is best for material vs immaterial amount testing, or vice versa.
2. When a partnership is formed, each partner can contribute more than just cash to the business. If a particular partner contributes particular attributes to the partnership, such as a client base, or specific expertise, what are the methods that can be used to record these contributions? Is one method more appropriate than another?
3. If you could choose between doing all your grocery shopping once a year or shopping every day, which would you choose? Explain your answer in terms of the costs for each option.
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