There are many kinds of statistical estimates that an auditor may find useful, but basically every accounting estimate is either of a quantity or of an error rate. The statistical terms that roughly correspond to "quantities" and "error rate," respectively, are:
A) attributes and variables.
B) variables and attributes.
C) constants and attributes.
D) constants and variables.

Question

Quizplus · Accepted Answer

The term "quantity" corresponds to a statistical estimate of a variable, while "error rate" corresponds to a statistical estimate of an attribute. Therefore, the best choice is B, where "quantities" correspond to variables and "error rates" correspond to attributes.

There Are Many Kinds of Statistical Estimates That an Auditor