Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

A company has 30000 transactions related to purchasing raw materials. the internal auditor selects s random sample of 1% for testing. in the dample, the

A company has 30000 transactions related to purchasing raw materials. the internal auditor selects s random sample of 1% for testing. in the dample, the internal auditor finds 2 errors where employees dud not get purchases approved before buying raw materials. what is the best estimate for how many errors are in the 30,000 transactions of the company?
A. 2
B. 200
C. 300
D. None of these

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Management Accounting For Business Decisions

Authors: Colin Drury

2nd Edition

1861527705, 978-1861527707

More Books

Students also viewed these Accounting questions