Assertions About Existence Address Whether Assets and Liabilities Exist,and Assertions

question 19

True/False

Assertions about existence address whether assets and liabilities exist,and assertions about occurrence address whether recorded transactions,such as sales transactions,have occurred.

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Definitions:

Random Variable

A quantity whose numerical values emerge from unpredictable phenomena.

Discrete Random Variable

A variable that takes on a finite or countably infinite number of values, each with a quantifiable probability.

Employees

Individuals who work for another person or organization in return for compensation.

Poisson Distribution

A statistical distribution describing the likelihood of a certain number of events taking place within a specific time or space interval, given that these events happen at a fixed average rate and are independent of the timing of the previous event.