A Pair of Fair Dice Is Cast

question 45

Essay

A pair of fair dice is cast. What is the probability that the sum of the numbers falling uppermost is less than 8, if it is known that one of the numbers is a 4? Give your answer in fraction form.

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Definitions:

Permanent Accounts

Accounts that carry their ending balances from one accounting period to the next, including assets, liabilities, and equity accounts.

Adjusting Entries

Adjusting entries are journal entries made at the end of an accounting period to update the accounts and ensure that the financial statements reflect accurate and fair amounts.

Temporary Accounts

Accounts that are closed to the owner's equity account at the end of the accounting period.

Closing

The process of finalizing accounts at the end of an accounting period, leading to the preparation of financial statements.