Sample Size Quiz

Sample Size Quiz

University

17 Qs

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Sample Size Quiz

Sample Size Quiz

Assessment

Quiz

Business

University

Practice Problem

Easy

Created by

Ivan Chew

Used 1+ times

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17 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The auditor assesses the risk of material misstatement for revenue recognition as high due to complex multiple-element arrangements.
What should the auditor do regarding sample size?

Increase

Decrease

Negligible Change

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Control risk for the purchasing cycle is assessed as lower than expected because the client implemented strong automated approval controls.
What should the auditor do regarding sample size?

Increase

Decrease

Negligible Change

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The auditor finds that population variability in inventory valuation is very low, and most items are homogeneous in nature.
What should the auditor do regarding sample size?

Increase

Decrease

Negligible Change

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The auditor determines that detection risk can be higher.
What should the auditor do regarding sample size?

Increase

Decrease

Negligible Change

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Tolerable misstatement is reduced significantly for accounts receivable due to management’s tight materiality thresholds.
What should the auditor do regarding sample size?

Increase

Decrease

Negligible Change

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The auditor plans to rely on substantive analytical procedures instead of detailed tests for payroll expenses.
What should the auditor do regarding sample size for detailed testing?

Increase

Decrease

Negligible Change

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The population size of petty cash transactions is much larger than expected, but each transaction is immaterial.
What should the auditor do regarding sample size?

Increase

Decrease

Negligible Change

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