Probability

question 49

Multiple Choice

Probability

• A)is a number between 0 and 1, inclusive.
• B)indicates how likely an outcome is to occur.
• C)is larger the more likely the event is to occur.
• D)All of the above.

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Definitions:

Contribution Approach

An income statement format that organizes costs by their behavior. Costs are separated into variable and fixed categories rather than being separated into product and period costs for external reporting purposes.

External Reporting

The process of preparing and disclosing financial statements and other reports to entities outside of the corporation, such as investors and regulatory bodies.

Variable Cost

Costs that change in proportion to the level of production or business activity.

Unit Basis

A method of measurement or allocation in which operations or costs are expressed per single unit of production or activity.