The role of the steering committee includes
a. designing the system outputs
b. resolving conflicts that arise from a new system
c. selecting the programming techniques to be used
d. approving the accounting procedures to be implemented
B
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Kehler Corporation wished to market a new product for $2.00 a unit. Fixed costs to manufacture this product are $100,000 . The contribution margin is 40 percent. How many units must be sold to realize net income of $100,00 . from this product?
a. 200,000 b. 250,000 c. 300,000 d. 350,000
Contessa Company collected $42,000 cash on its accounts receivable. The effects of this transaction as reflected in the accounting equation are:
A. Both total assets and total liabilities decrease. B. Total assets decrease and equity increases. C. Total assets increase and equity decreases. D. Total assets, total liabilities, and total equity are unchanged. E. Both total assets and equity are unchanged and liabilities increase.
Jasper makes a $25,000, 90-day, 7% cash loan to Clayborn Co. Jasper's entry to record the transaction should be:
A. Debit Cash $25,000; credit Notes Receivable for $25,000. B. Debit Accounts Receivable $25,000; credit Notes Receivable $25,000. C. Debit Notes Receivable for $25,000; credit Cash $25,000. D. Debit Notes Receivable $25,000; credit Sales $25,000. E. Debit Notes Payable $25,000; credit Accounts Payable $25,000.
A buyer has an insurable interest in identified goods only if he or she has title to the goods
Indicate whether the statement is true or false