Which Statement Is Correct

question 48

Multiple Choice

Which statement is correct?

• A)The statement of comprehensive income and statement of financial position are accrual based and the statement of cash flows is cash based.
• B)The statement of comprehensive income, statement of financial position and statement of cash flows are all accrual based.
• C)The statement of financial position is accrual based and the income and statement of cash flows are cash based.
• D)None of the statements is correct.

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Definitions:

Total Float

The amount of time that a project task can be delayed without causing a delay to the project's overall completion date.

Binomial Probability

The probability of obtaining a given number of successes in a fixed number of binary trials, where each trial has two possible outcomes.

Continuity Correction

An adjustment made to a discrete distribution when approximating it by a continuous distribution, often used in binomial to normal distribution approximations.

Continuous Probability Curve

A curve that represents the distribution of a continuous random variable, indicating the probabilities of all possible values.