In a T-F Exam with 100 Questions, Passing Requires a Score

question 69

Multiple Choice

In a T-F exam with 100 questions, passing requires a score of at least 60. What is the approximate normal probability that a "guesser" will score at least 60 points?

• A).0287
• B).4713
• C).0251
• D).0377

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Definitions:

Retrospectively

A method of application where the rules or standards are applied to actions, transactions, or situations that have occurred in the past.

Retrospective Restatement

The process of revising previously issued financial statements to correct errors or to reflect changes in accounting policies, as if the new information had been known at the original reporting date.

Material Error

A significant mistake in financial reporting that could influence the economic decisions of users of the financial statements.

Prospective Adjustment

An accounting adjustment applied to transactions or valuation changes that occur in the current or future accounting periods.