Durability requires that all portions of the transaction must be treated as a single, logical unit of work in which all operations are applied and completed to produce a consistent database
a. True
b. False
Indicate whether the statement is true or false
False
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Lydia's father has named Lydia in his will as the inheritor of his farm. He has also named her as a beneficiary in his insurance policy. Lydia is:
A. a creditor beneficiary. B. the assignee by novation. C. an incidental beneficiary. D. a donee beneficiary.
After all of the account balances have been extended to the Income Statement columns of the work sheet, the totals of the debit and credit columns are $77,500 and $85,300, respectively. What is the amount of the net income or net loss for the period?
A) $7,800 net income B) $7,800 net loss C) $85,300 net income D) $77,500 net loss
In order to further investigate a franchise opportunity an entrepreneur can request a franchise package from the franchisor, which:
A. contains guarantees about expected sales revenues in years 1 and 2. B. is usually free. C. costs between $800 and $1000 and is usually not refundable. D. costs between $400 and $600 and is usually refundable.
June sales were $27,000, while projected sales for July and August were $51,000 and $69,000, respectively. Sales are 60% cash and 40% credit. All credit sales are collected in the month following the sale. Calculate expected collections for July
A) $36,600 B) $41,400 C) $10,800 D) $30,600