According to a Survey of American Households,the Probability That the Residents

question 84

Multiple Choice

According to a survey of American households,the probability that the residents own 2 cars if annual household income is over $50,000 is 80%.Of the households surveyed,60% had incomes over $50,000 and 70% had 2 cars.The probability that annual household income is over $50,000 if the residents of a household own 2 cars is:

• A)0.42
• B)0.48
• C)0.50
• D)0.69

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Definitions:

Accounting Methods

The rules and procedures that companies follow in reporting their financial information, encompassing revenue recognition, expense reporting, and inventory management.

Similar Events

Incidents or occurrences that share common characteristics or outcomes, often analyzed in financial contexts to predict future trends.

Public Company Accounting Oversight Board

An independent oversight body established by Congress to oversee the audits of public companies in order to protect the interests of investors and further the public interest in the preparation of informative, accurate, and independent audit reports.

Auditing Standards

Rules and guidelines set by governing bodies that dictate the auditing process, ensuring consistency, and reliability in financial reporting.