The 1,000 accounts receivable of Baker Company have a total book value of $30,000 (Average book...
The 1,000 accounts receivable of Baker Company have a total book
value of $30,000 (Average book value = $30). Wendy Duffo, CPA, has
selected and audited a sample of 50 accounts with the following
mean values:
1. Book value of $29.00
2. Audited value of $29.50.
TB MC Qu. 09-20 What is the estimated total audited value...
What is the estimated total audited value using mean-per-unit sampling?
Multiple Choice
-
$29,000.
-
$29,500.
-
$30,500.
-
$30,517.
-
The 4,000 accounts receivable of Miller Company have a total book value of $150,000. A CPA has selected and audited a sample of 100 accounts with a total book value of $3,700 and an audited value of $3,800.
TB MC Qu. 09-13 Using the mean-per-unit estimation...
Using the mean-per-unit estimation technique, the estimated total audited value of the population is:
Multiple Choice
-
$150,000.
-
$152,000.
-
$154,000.
-
$154,054.
Homework Answers
Answer:
Total Audited value:
as per the difference estimation technique
audit value = book value + error.
book value = $ 30,000
error = (sample audit value - sample book value ) / sample size) x total population
= (29.50 - 29) / 50) x 1000 accounts
= $ 500
audit value of population = $ 30000 + $ 500 = $ 30500
---------------------
Total audited value for 100 accounts = 3800
Mean vale = 3800/100 = 38
Total value per mean per unit = 38* 4000
= $ 152,000
----------------------
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