Define descriptive and inferential statistics.

Q: When is Attribute sampling used?

A: Attributes sampling is a statistical sampling method used to estimate the rate of control procedure…

Q: what does measurement focus mean?

A: Accounting: It is the process of recording, classifying, summarizing all transactions of a business…

Q: quantitative materiality

A: First option is wrong because qualitative materiality is based on the nature of the items contained…

Q: Understand how various factors influencethe size of an attributes sample and how todetermine the…

A: Audit Sampling is a process in which an audit is done based on various samples collected or…

Q: What is Attribute Sampling?

A: Auditing:   Auditing refers to the procedure for providing independent report over the presentation…

Q: In an MUS application, how is the population size defined?

A: MUS Application: In the panning stage of MUS, the audit team primarily identifies the objectives,…

Q: What is common size analysis?

A: Answer: Common size analysis that measures the percentage sums of each element on the financial…

Q: Define correlation

A: Correlation: Correlation is a statistical method that can display whether and just how strongly…

Q: Descriptive statistics consists of methods for organizing, displaying, and describing data by using…

A: A data set in original form usually very large, consequently such data is not very helpful in…

Q: explain the relationship between hedging and measuring exposure.

A: Hedging is basically a type of risk management strategy through risk can be reduced significantly…

Q: Define the terms precision (allowance for sampling risk), reliability (confidence), and…

A: Precision (allowance for sampling risk) is a measure of the difference between a sampling projection…

Q: How will you collect, classify and present statistical data?

A: For statistical analysis, there are several methods used to gather or collect data. Three of the…

Q: Describe standards for comparisons in analysis.

A: Financial statement analysis: Financial statement analysis is a valuable measure for evaluating…

Q: What general Occurrence and siz

A: Internal Control:   Internal control refers to the policies, and plans of the business organization…

Q: Explain the reasoning underlying the name of the weighted-average method.

A: The reason in underlying the name of the weighted average method is explained as below,

Q: Compare judgmental, time series, and causal forecasting models.

A: Judgmental models are the subjective criteria in which gauges are based on master ideas. Individuals…

Q: What type of testing are ratios?

A: Ratio:   It is a number expressed in terms of another to establish a relationship among them.

Q: Distinguish between the terms sampling risk and nonsampling risk.

A: Introduction: The risk of sampling is that the conclusion based on a sample may differ from the…

Q: Interpretation of the data:

A: We are provided with the monthly sales report and in order to better interpret the data we will have…

Q: Explain Key Statistical Relationships between Covariance and Correlation of Returns?

A: Covariance:It is defined as the statistical relationship between stock prices of stock that vary…

Q: Define Correlation as a concept

A: Introduction: Usually for any two variables, the change in one variable allows us to forecast change…

Q: sensitivity analysis

A: The sensitivity analysis represents the more reliable source of prediction. It helps the managers to…

Q: differences between Weighted Average and FIFO methods

A: Weighted Average and FIFO methods are used to value inventory of business.

Q: Probability samples versus nonprobability samples; also briefly define the types of valid…

A: Solution- Probability sampling- 1- probability sampling, respondents are randomly selected to take…

Q: Construct a sample problem of External Rate of Return (ERR).

A: External rate of return (ERR) or Internal rate of return (IRR) is the rate at which Present Value of…

Q: Explain Measures of Variance and Risk?

A: Variance tests normal or normal variability. Variability is volatility for investors, and volatility…

Q: Common sized statement  need help on part a finding the %

A: A common size income statement is a statement of company’s income in which each line item is…

Q: define auditor?

A: Auditor is the person who is responsible for audit work. Audit means checking, verifying and…

Q: Define trend analysis

A: Introduction: Trend analysis is a method utilized in technical analysis that tries to forecast the…

Q: CAFR

A: CAFR stands for Comprehensive Annual Financial Report. This report contains sets of US financial…

Q: Make an Internal Rate of Return sample problem with a diagram and solution.

A: The IRR can be called the discount rate, it is applicable to the cash flows of the project and…

Q: What is the difference in a data and findings?

A: Data is the combination of raw facts which is used for providing information and conclusions to the…

Q: Difference Between Traceability and Controllability? Explain briefly in points.

A: Traceability and controllability are two concepts used in cost accounting. These are the forms of…

Q: Compare and contrast trend analysis and comparative ratioanalysis

A: The key distinction between analysis and comparative analysis is that analysis may be a procedure in…

Q: What does ROE measure?

A: Profitability ratio is referred as the financial metrics which is used by analysts as well as…

Q: Explain the measurement attributes employed in GAAP.

A: The measurement attributes employed in GAAP are as follows: Historical Cost Net Realisable Value…

Q: Describe allowance for sampling risk (or precision)?

A: