In a Survey, Respondents Were Asked to Indicate Their Favorite

question 11

Multiple Choice

In a survey, respondents were asked to indicate their favorite brand of cereal (Post or Kellogg's) . They were allowed only one choice. What is the probability concept that implies it is not possible for a single respondent to state both Post and Kellogg's to be the favorite cereal?

• A) Concept of independent events
• B) Concept of mutually exclusive events
• C) Concept of dependent events
• D) Concept of mutually inclusive events

---

Definitions:

Current Liabilities

Short-term financial obligations that are due within one year or within the entity's operating cycle.

Current Ratio

A liquidity ratio that measures a company’s ability to pay short-term obligations with its current assets.

Interim Financial Statements

Financial reports that cover a period shorter than a fiscal year, usually quarterly or semi-annually, providing insights into a company's financial status throughout the year.

Work Sheet

An internal document used by accountants to organize and adjust financial information before generating official financial statements.