If P(A)= 0

question 148

True/False

If P(A)= 0.4 and P(B)= 0.6,then A and B must be mutually exclusive.

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Definitions:

Standard Costs

An accounting practice where predetermined costs are used for calculating the cost of production, often for budgeting and performance evaluation purposes.

Direct Materials Quantity Variance

The difference between the actual quantity of materials used in production and the standard amount expected to be used, multiplied by the standard cost per unit of material.

Actual Costs

Expenditures that a company incurs, as opposed to estimations or budgeted amounts.

Standard Costs

Predetermined costs for material, labor, and overhead used as benchmarks for measuring performance.