The most commonly used method of statistical sampling for tests of details of balances is:
A) discovery sampling.
B) monetary-unit sampling.
C) variables sampling.
D) attributes sampling.

Question

Quizplus · Accepted Answer

Monetary-unit sampling is the most commonly used method of statistical sampling for tests of details of balances. It involves selecting individual monetary units from within the population and testing them for misstatement, which allows for a more representative sample and greater efficiency in the audit process. Discovery sampling, variables sampling, and attributes sampling are all alternative methods of statistical sampling that may be used depending on the specific circumstances of the audit.

The Most Commonly Used Method of Statistical Sampling for Tests