The Core Component of Any System, Regardless of Size, Is

question 418

True/False

The core component of any system, regardless of size, is a database and a database management system.

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Definitions:

Variable Costing

An accounting method that only includes variable production costs (materials, labor, and overhead) in the cost of goods sold and inventory valuation.

Manufacturing Firms

Companies that use labor, equipment, and raw materials to produce finished goods.

Service Firms

Companies that provide intangible products or services to consumers or other businesses rather than physical goods.

Contribution Margin Ratio

The percentage of each sales dollar that is available to cover the fixed costs and provide an operating income. Also called profit-volume ratio.