Reference no: EM13886711
Assume you are planning the confirmation of accounts receivable. There are 2,000 customer accounts with a total book value of $5,643,200. Tolerable misstatement is set at $200,000, and expected misstatement is $40,000. The risk of incorrect accep- tance is 30%. The ratio of expected to tolerable misstatement is 20%, and the ratio of tolerable misstatement to the population is 3.5%.
a. What is the sample size?
b. What is the sampling interval?
c. What is the largest value you can use for a random start?
d. Using the following list of the first 15 items in your population, a random start of $25,000, and a rounded sample interval of $100,000, identify the items to be included in your sample.
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Item
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Book Value
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Cumulative Amount
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Sample Item
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Random Start
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1
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3,900
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2
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26,000
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3
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5,000
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4
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130,000
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5
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2,000
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6
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260,000
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7
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100
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8
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25,000
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9
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19,000
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10
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10,000
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11
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9,000
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12
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2,500
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13
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65,000
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14
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110,000
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15
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6,992
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e. What is the probability of selecting each of the following population items, assuming a $100,000 sampling interval?
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Item
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Book Value
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Probability of Selection
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1
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3,900
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2
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26,000
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4
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130,000
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6
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360,000
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f. Why might the final sample size include fewer logical units than the computed sample size?
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: What is the largest value you can use for a random start? Using the following list of the first 15 items in your population, a random start of $25,000, and a rounded sample interval of $100,000.
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