ACCT 555 Week 6 Discussion Questions & Problems

# ACCT 555 Week 6 Discussion Questions & Problems

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DISCUSSION QUESTIONS AND PROBLEMS 17-28 (Objective 17-2) You are planning to use non-statistical sampling to evaluate the results of accounts receivable confirmation for the Meridian Company. You have already performed tests of controls for sales, sales return and allowances, and cash receipts, and they are considered excellent. Because of the quality of the controls, you decide to use an acceptable risk of incorrect acceptance of 10%. There are 3,000 accounts receivable with a gross value of 6,900,000. The accounts are similar in size and will be treated as a single stratum. An overstatement or understatement of more than 150,000 is considered material. Required a. Calculate the required sample size. Assume your firm uses the following non-statistical formula to determine sample...

ACCT 555
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Excerpt from file: DISCUSSION QUESTIONS AND PROBLEMS 17-28 (Objective 17-2) You are planning to use non-statistical sampling to evaluate the results of accounts receivable confirmation for the Meridian Company. You have already performed tests of controls for sales, sales return and allowances, and cash receipts, and

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