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The business entity concept in accounting is the principle that a business is considered to be separate and distinct from its owners or other businesses. This means that the business is treated as a legal entity in its own right, and its financial transactions and activities are recorded and reported separately from the personal transactions of its owners. The three fundamental accounting assumptions are: Consistency - This assumption requires that a business uses the same accounting methods and principles from one period to another. Going concern - This assumption assumes that the business will continue to operate for the foreseeable future. Accrual - This assumption requires that transactions and events are recognized in the financial statements when they occur, regardless of when the cash is received or paid.
A bag contains 6 Green and 8 Red balls. One ball is drawn at random. What is the probability that the ball drawn is Red?
The probability of selecting a rotten egg randomly from a basket of 1000 eggs is 0.16. What is the number of rotten eggs in the basket?
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If two socks are chosen at random, what is the probability that either all are green or all are black socks?
In a box there are 12 orange, 5 white, and 7 blue balls. One ball is picked up randomly. What is the probability that it is neither white nor blue?
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If two dice are rolled simultaneously, what is the probability that the sum of the numbers on the two dice is greater than or equal to 10?
There are two bags P and Q. Bag P contains 5 Yellow and 6 Green balls while bag Q contains 6 Yellow and 5 Green balls. As a part of an experiment, a fai...
There are a total of 42 students (boys and girls) in a class. The probability of picking at least one boy when two students are picked from the class is...
In a box there are 3 pink, 5 black, and 9 yellow flowers. One flower is picked up randomly. What is the probability that it is neither pink nor black? <...