If Events a and B Are Mutually Exclusive and Collectively

question 60

Multiple Choice

If events A and B are mutually exclusive and collectively exhaustive,what is the probability that event A occurs?

• A)0.
• B)0.50.
• C)1.00.
• D)Cannot be determined from the information given.

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Definitions:

Net Income

The complete income of a company once all costs and taxes are subtracted from its total revenue.

Net Loss

The result when a company's total expenses exceed its total revenues during an accounting period, indicating a decrease in owner's equity.

End-of-period Spreadsheet

A financial document summarizing a company's financial data at the end of an accounting period, including assets, liabilities, and equity.

Income Statement

The income statement is a financial document that shows a company's revenues, expenses, and net income over a specific period.