If Two Events Are Collectively Exhaustive,what Is the Probability That

question 143

Multiple Choice

If two events are collectively exhaustive,what is the probability that both occur at the same time?

• A)0.00
• B)0.50
• C)1.00
• D)Cannot be determined from the information given.

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Definitions:

Accumulated Depreciation

The cumulative depreciation expense recorded for an asset from the time it was operational, thereby lowering its recorded value in the balance sheet.

Commercial Substance

A concept in accounting that refers to a transaction significantly altering the cash flows of an entity, necessitating its recognition in financial statements.

Double-Declining-Balance Method

A method of accelerated depreciation where an asset's book value is reduced at double the rate of straight-line depreciation.

Useful Life

The estimated duration of time a fixed asset is expected to be economically usable by an entity.