A Process That Produces One Outcome from a Set of Possible

question 57

Multiple Choice

A process that produces one outcome from a set of possible outcomes,produces an unpredictable outcome,and guarantees that each of the possible outcomes equally likely is said to be ____.

• A)​random
• B)​stratified
• C)non-probabilistic
• D)​biased

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Definitions:

Deferred Revenue

Income received by a company for goods or services yet to be delivered or performed, recognized as a liability on the balance sheet until earned.

Service Revenue

Income earned by a company for the services it provides to its customers.

Accounts Receivable

Money owed to a business by its clients for goods or services that have been delivered but not yet paid for.

Closing Entries

These are journal entries made at the end of an accounting period to transfer the balances of temporary accounts to permanent accounts and prepare the company's books for the next period.