A Batch of 50 Parts Contains 6 Defects

question 15

Multiple Choice

A batch of 50 parts contains 6 defects.If two parts are drawn randomly,one at a time with replacement,what is the probability that both parts are defective?

• A)0.014
• B)0.012
• C)0.120
• D)0.102
• E)0.222

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Definitions:

Adjusting Entries

Documentation in financial records at the termination of an accounting period to allocate gains and expenses to the correct timeframe.

Trial Balance

A financial spreadsheet where all ledger balances are gathered into columns for debits and credits, ensuring both totals match.

Debit Column

The left-hand side of a ledger account, recording increases in assets and expenses, and decreases in liabilities, equity, and revenue.

Expense Recognition Principle

An accounting principle that dictates expenses should be recognized in the period in which they are incurred to earn revenues.