The probability of the intersection of two mutually exclusive events _____
a. can be any value between 0 and 1
b. must always be equal to 1
c. must always be equal to 0
d. can be any positive value
c
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________ is the period of slow sales growth and nonexistent profits
A) Growth B) Decline C) Maturity D) Introduction E) Stagnancy
A trial balance prepared before any adjustments have been recorded is:
A. Used to prepare financial statements. B. An unadjusted trial balance. C. Correct with respect to proper balance sheet and income statement amounts. D. Only prepared once a year. E. An adjusted trial balance.
Specialty Corporation distributes land to one of its shareholders, Sam, as part of a plan of liquidation. The land, which was used in Specialty's business, has an adjusted basis of $50,000 and an FMV of $130,000 on the date of distribution. Sam's basis in Specialty Corporation stock is $100,000. What is the amount and character of the gain/loss recognized by Specialty Corporation? What is the
amount and character of the gain/loss recognized by Sam? What will be an ideal response?
Maturity value of a non-interest-bearing note is:
A. Less than face value B. Greater than face value C. Sometimes equal to face value D. Same as the face value E. None of these