_________________ is based upon the assumption that the outcomes of an experiment are equally likely.
A. Classical probability
B. Basic probability
C. Empirical probability
D. None of the above.
A. Classical probability
Classical probability is based upon the assumption that the outcomes of an experiment are equally likely.
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On April 12, Hong Company agrees to accept a 60-day, 10%, $5400 note from Indigo Company to extend the due date on an overdue accounts payable. What is the journal entry needed to record the transaction by Indigo Company?
A. Debit Accounts Receivable $5400; credit Notes Payable $5400. B. Debit Accounts Payable $5400; credit Notes Payable $5400. C. Debit Notes Payable $5400; credit Accounts Payable $5400. D. Debit Sales $5400; credit Notes Payable $5400. E. Debit Cash $5400; credit Notes Payable $5400.
If the incremental costs of processing further is greater than the incremental revenue, the decision to process the product or service further is justified
Indicate whether the statement is true or false
In a totally automated organization, using theoretical capacity will generally provide the highest fixed overhead application rate
Indicate whether the statement is true or false
Which of the following is not a component of the single income statement proposed by the G4+1 report?
a. Pro forma earnings b. Results of operating or trading activities c. Results pertaining to financing and other treasury activities d. Other Gains and Losses