Which of the Following Statements Is True? a Cost Is

question 76

Multiple Choice

Which of the following statements is true? A cost is:

• A) always an expense.
• B) always an asset.
• C) can be either an expense or an asset.
• D) always a liability.

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Definitions:

Probability Values

Numerical measures ranging from 0 to 1, representing the likelihood or chance of a specific event occurring.

Deck

A pack of cards used in games, consisting typically of 52 pieces divided into four suits.

Addition Law

A probability law used to compute the probability of the union of two events. It is P(A ∙ B) = P(A) + P(B) − P(A ∩ B). For mutually exclusive events, P(A ∩ B) = 0; in this case the addition law reduces to P(A ∙ B) = P(A) + P(B).