I a Probability Is Usually Expressed as a Decimal, Such

question 47

Multiple Choice

i. A probability is usually expressed as a decimal, such as 0.70 or 0.27, but it may be given as a fraction, such as 7/10 or 27/100. ii. The closer a probability is to 0, the more likely that an event will happen.
iii. The closer the probability is to 1.00, the more likely an event will not happen.

• A) (i), (ii) and (iii) are all correct statements
• B) (i) is a correct statement but not (ii) or (iii).
• C) (i) and, (iii) are correct statements but not (ii).
• D) (ii) and, (iii) are correct statements but not (i).
• E) (i), (ii) and (iii) are all false statements.

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Definitions:

Wages Payable

A liability account that records the amount of unpaid wages earned by employees at the end of a reporting period.

Debit to Cash

An accounting entry that increases the cash balance in the company's ledger, reflecting an inflow of cash.

Previously Recorded

Refers to transactions or events that have been documented or accounted for in a prior accounting period.

Employee Wages

Compensation paid to employees for their labor or services, typically calculated on an hourly, daily, or piecework basis.