Contingent liabilities should be recorded in the accounts when A) It is probable that the future event will occur B) The amount of the liability can be reasonably estimated C) Both A&B D) Either A or B
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2. A product selected for testing is equally likely to have been produced by one the 6 machines/processes. (i) Determine sample space ‘S’ (ii) What is the probability that the product is from machine 1? (iii) What is the probability that the product is from machine 2 or machine 4? (iv) What is the probability that the product is from both machine 5 and machine 3? (v) What is the probability that the product is not from machine 6? (vi) What is the probability that the product is not from either machine 6 or machine 1?
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