Question

To audit the 58 accounts payable of a small firm, the auditory randomly selects 8 account...

To audit the 58 accounts payable of a small firm, the auditory randomly selects 8 account balances for review. Suppose that 5 of the 58 accounts contain errors.

(a) How many samples are possible?

(b) How many samples are possible that contain exactly 1 error?

(c) Exactly 2 errors?

(d) Exactly 3 errors?

(e) Exactly 4 errors?

(f) Exactly 5 errors? (g) How many samples are possible that contain at least one error? (h) How many samples are possible that contain no errors?

Homework Answers

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Audit procedure A. Vouch accounts payable credits to supporting vouchers, vendor invoices, receiving reports, and purchase...
Audit procedure A. Vouch accounts payable credits to supporting vouchers, vendor invoices, receiving reports, and purchase orders and other supporting information. B. Obtain an understanding of the business and industry and determine the significance of purchases and accounts payable to the entity. C. Inquire of management about existence of undisclosed commitments or contingent liabilities. D. Trace a sample of cash receipts transactions from cash receipts journal to the general ledger. E. Vouch debit memos to underlying shipping reports and vendor's...
Charming Paper Company sells to the 12 accounts listed here.    Account Receivable Balance Outstanding Average Age...
Charming Paper Company sells to the 12 accounts listed here.    Account Receivable Balance Outstanding Average Age of the Account Over the Last Year A $ 60,800 22 B 168,000 43 C 78,300 19 D 24,300 55 E 58,900 42 F 238,000 39 G 30,400 16 H 374,000 72 I 41,400 32 J 96,500 58 K 292,000 17 L 67,700 37 Capital Financial Corporation will lend 90 percent against account balances that have averaged 30 days or less; 80 percent for...
During October 2016, Willis Computing completed these transactions: a. The business received cash of $ 4,300...
During October 2016, Willis Computing completed these transactions: a. The business received cash of $ 4,300 and issued common stock. b. Performed services for a customer and received cash of $ 6,200. c. Paid $ 4, 200 on accounts payable. d. Purchased supplies on account, $ 1,000. e. Collected cash from a customer on account, $ 1,600. f. Consulted on the design of a computer system and billed the customer for services rendered, $ 4 300. g. Recorded the following...
48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63...
48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 QUESTION 1 All of the following are management’s objectives in designing effective internal controls over financial reporting (ICFR) except for ______________ ? a. Comply with section 404 of the Sarabanes Oxley (SOX) act. b. Producing accurate and complete financial statements and other reports to make operational decisions. c. Ensure reliability of financial reporting d. Management review of the year-end financial statements to ensure proper...
Problem 1 You are an internal audit manager in a central government department that pays subsidies...
Problem 1 You are an internal audit manager in a central government department that pays subsidies to agricultural businesses involved in the production of basic foodstuffs. You will soon be undertaking an internal audit of the claims processing unit in your department. In preparation for the assignment you are reviewing the audit file on the previous audit carried out three years earlier. You find the following extract from one of the previous internal audit’s planning schedules: • “The unit receives...
Mastery Problem: Liabilities: Bonds Payable SpringFit Corporation You are an accounting intern working for SpringFit Corporation....
Mastery Problem: Liabilities: Bonds Payable SpringFit Corporation You are an accounting intern working for SpringFit Corporation. You have recently been assigned to help one of the accountants who is doing an internal audit of the business. You will be assisting with a review of the payables issued by SpringFit Corporation. Your first task is to review the previous year’s journal entries, shown as follows: Journal Entries, Year 1 Journal DateDescriptionDebitCredit Jan. 1Cash1,004,720          Premium on Bonds Payable58,720          Bonds Payable946,000            Jun....
What is the chance a randomly selected employee would get a non-zero bonus amount? What is...
What is the chance a randomly selected employee would get a non-zero bonus amount? What is the chance a randomly selected employee would get at least $6000? What is the expected bonus value of the bonus amounts? What are the variance and standard deviation of the bonus amount? Binomial Suppose according to past data for a small boutique, about 30% of the customers who walk into the store purchase at least one item. Today 10 individual customers walked into the...
Do the following problems. 1. Each of three barrels from a manufacturing line are classified as...
Do the following problems. 1. Each of three barrels from a manufacturing line are classified as either above (a) or below (b) the target weight. Provide the ordered sample space. 2. The heat on each of two soldered parts is measured and labeled as either low (l), medium (m), or high (h). State the number of elements in the ordered sample space. 3. Consider the set of Beatles songs with a primary writer as either Paul McCartney (P) or John...
Create an argument supporting that the requirements of SOX have reduced corporate fraudulent activity due to...
Create an argument supporting that the requirements of SOX have reduced corporate fraudulent activity due to the requirements placed on public accounting firms, thereby providing greater assurances to public users of financial information. Provide support for your argument. Evaluate the issues related to the audit of Satyam Computer Services Limited, indicating whether or not PWC followed auditing standards in rendering its audit opinion of the company. Provide support for your rationale. Assess whether PWC relied too heavily on the established...
Introduction Purpose Your goal is to create a design for a software interface. You will experience...
Introduction Purpose Your goal is to create a design for a software interface. You will experience the scope of the design process from brainstorming ideas and gathering information about users’ needs to storyboarding, prototyping, and finally, testing and refining your product. As you work on the software interface, you will demonstrate your ability to apply fundamental Human-Computer Interaction principles to interface analysis, design, and implementation. You will be responsible for delivering project components to your professor at several points during...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT