4. Adai LLC owns 70% of the share capital of Loyal LLC. The inventories of Loyal LLC on 31 December 2018 include goods bought from Adai LLC for OMR 105,000. These goods had cost Adai LLC OMR 90,000. A. Explain how these goods should be dealt with in the consolidated statement of financial position at 31 December 2018. B. Critically discuss Unrealized profits as per IFRS10 and what will happen if IFRS 10 is not followed with examples.
Compound Probability
Compound probability can be defined as the probability of the two events which are independent. It can be defined as the multiplication of the probability of two events that are not dependent.
Tree diagram
Probability theory is a branch of mathematics that deals with the subject of probability. Although there are many different concepts of probability, probability theory expresses the definition mathematically through a series of axioms. Usually, these axioms express probability in terms of a probability space, which assigns a measure with values ranging from 0 to 1 to a set of outcomes known as the sample space. An event is a subset of these outcomes that is described.
Conditional Probability
By definition, the term probability is expressed as a part of mathematics where the chance of an event that may either occur or not is evaluated and expressed in numerical terms. The range of the value within which probability can be expressed is between 0 and 1. The higher the chance of an event occurring, the closer is its value to be 1. If the probability of an event is 1, it means that the event will happen under all considered circumstances. Similarly, if the probability is exactly 0, then no matter the situation, the event will never occur.
4. Adai LLC owns 70% of the share capital of Loyal LLC. The inventories of Loyal LLC on 31 December
2018 include goods bought from Adai LLC for OMR 105,000. These goods had cost Adai LLC OMR
90,000.
A. Explain how these goods should be dealt with in the consolidated statement of financial
position at 31 December 2018.
B. Critically discuss Unrealized profits as per IFRS10 and what will happen if IFRS 10 is not
followed with examples.
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