A Dictionary Contains 500 Pages

question 39

Multiple Choice

A dictionary contains 500 pages. If there are 200 typing errors randomly distributed throughout the book, usethe Poisson distribution to determine the probability that a page contains exactly three errors.

• A) 0.0072
• B) 0.0005
• C) 0.1734
• D) 0.0129

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Definitions:

Canadian GAAP

Generally Accepted Accounting Principles in Canada, a set of accounting standards and practices used in Canada to govern financial reporting.

Financial Information

Data pertaining to the monetary performance, status, and outlook of an entity, encompassing everything from balance sheets to income statements.

Materiality

A concept in accounting and auditing that refers to the significance of transactions, balances, or errors which could influence the economic decisions of users reading a company's financial statements.

Verifiability

Verifiability in accounting means information in financial statements can be confirmed or corroborated by independent parties using the source documents.