MICR Is an Input Technology Used

question 49

Multiple Choice

MICR is an input technology used:

• A)on receipts and invoices that are given to customers.
• B)on bank cheques.
• C)in the processing of ATM receipts.
• D)by many organisations to expedite the processing of accounts payable invoices.

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Definitions:

Contribution Margin

Contribution margin is the amount by which a product's sales revenue exceeds its variable costs, indicating the contribution of sales towards fixed costs and profits.

Break-even Point

The financial point at which total revenue equals total costs, resulting in zero net profit or loss.

Break-even Analysis

A financial calculation to determine the point at which revenue received equals the costs associated with receiving the revenue.

Cost-volume-profit Analysis

A financial analysis tool that helps in determining the effect of changes in costs and volume on a company's profit.