Commercial off-the-shelf software requires permission from the software developers before it can be installed and used
Indicate whether the statement is true or false
FALSE
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Many companies are beginning to realize that they are not really market and customer driven, they are product and sales driven. In the attempt to transform themselves into true market-driven companies, many firms must change
Describe and explain what changes are necessary.
Glass Corporation sold merchandise to a customer for $30,000 on credit on July 15. The customer paid Glass the amount due on July 31. Under the accrual basis of accounting, how should Glass record the transaction?
A) Glass should recognize the revenue on July 31. B) The July 15th transaction increases revenue, but has no effect on assets because cash has not been received. C) Revenue is recognized after the cost of the merchandise sold has been paid by Glass Corporation D) Revenue is recognized on July 15. The July 31st transaction has no effect on total assets under the accrual basis.
Hardhat Machine Company sold goods to Irish Eyes Company of Northern Ireland. Big Bank issued a letter of credit on behalf of Irish Eyes and the letter was given to Hardhat. The "account party" is:
a. Irish Eyes. b. Hardhat Machine Company. c. Big Bank. d. None of the above.
Goals are set only for top-level management.
Answer the following statement true (T) or false (F)