A Lot Contains 12 Items, and 4 Are Defective

question 41

Multiple Choice

A lot contains 12 items, and 4 are defective. If three items are drawn at random from the lot, what is the probability they are not defective?

• A) 0.3333
• B) 0.2545
• C) 0.5000
• D) 0.2963
• E) 0.0370

Understand and explain the effects of writing off accounts receivable on the accounting equation under the direct write-off method.

Distinguish between the various methods used for estimating uncollectible accounts.

Recognize the impact of uncollectible accounts on net realizable value and bad debt expense.

Calculate the net realizable value of accounts receivable and adjustments for bad debt expense.

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Definitions:

Primary Circular Reactions

Early infantile behaviors that repeat because the infant finds them pleasurable, typically developing between 1 and 4 months of age.

Reflexive Schemas

Cognitive structures that enable individuals to reflect on, adjust, and organize their thoughts and experiences.

Goal-directed Behavior

Actions taken with the intention of achieving a specific outcome or objective.

Assimilation

In Piaget’s theory, the process by which new experiences are interpreted and integrated into preexisting schemas.