If Two Events Are Collectively Exhaustive, What Is the Probability

question 121

Multiple Choice

If two events are collectively exhaustive, what is the probability that one or the other occurs?

• A) 0
• B) 0.50
• C) 1.00
• D) cannot be determined from the information given

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Definitions:

Consignment

An arrangement where goods are left in the possession of another party to sell, but ownership and title remain with the supplier until the goods are sold.

Revenue Recognition

The accounting principle governing when revenue is considered earned and can be recorded in the financial statements.

Risk Of Ownership

The potential for loss resulting from owning an asset, including factors such as depreciation, obsolescence, and market volatility.

Service Revenue

Income earned from providing services rather than selling physical products.