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An auditor randomly samples 2 0 accounts receivable from among the 5 0 0 such accounts of a client s firm. The auditor lists the
An auditor randomly samples accounts receivable from among the such accounts of a
clients firm. The auditor lists the amount of each account and checks to see if the underlying
documents comply with stated procedures. The data are recorded in the accompanying table
amounts are in dollars, Y yes, and N no
Account Amount Compliance Account Amount Compliance
Y N
Y N
Y Y
N Y
Y Y
Y Y
N N
Y Y
Y N
Y Y
Estimate the total accounts receivable for the accounts of the firm and place a bound on
the error of estimation. Do you think that the average account receivable for the firm exceeds
$ Why?
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