Examlex
One of the reasons that a correction for continuity adjustment is needed when approximating the binomial distribution with a normal distribution is because the probability of getting a specific value of a random variable is zero with the normal distribution.
Asset
Anything of value owned or controlled by a business, entity, or individual that can be used to generate income or settle liabilities.
Ending Inventory
The total value of goods available for sale at the end of an accounting period, calculated for financial reporting and tax purposes.
Cost of Goods Sold
Cost of goods sold (COGS) is the direct cost attributed to the production of the goods sold by a company, including the material and labor expenses.
Gross Profit
The distinction between sales income and the expense of goods sold prior to subtracting overhead costs, wages, taxes, and interest charges.
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