In the Most Recent Election,19 Percent of All Eligible College

question 58

Multiple Choice

In the most recent election,19 percent of all eligible college students voted.If a random sample of 20 students were surveyed,find the probability that none of the students voted.

• A) .0000
• B) .0014
• C) .0148
• D) .4997

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Definitions:

Ending Inventory

Merchandise value ready for sale at the close of an accounting cycle.

Consistency Principle

An accounting standard that mandates entities to apply the same accounting methods and practices from period to period.

Expense Recognition Principle

This principle dictates that expenses should be recognized in the accounting period when they are incurred, not necessarily when they are paid, matching expenses to the revenues they help generate.

Physical Flow Assumption

An accounting method that tracks the physical movement of goods in inventory, often used to calculate cost of goods sold or ending inventory.