​Both System Software and Application Software Are Needed for All

question 4

True/False

​Both system software and application software are needed for all types of computers, from small handheld computers to large supercomputers.

Understand the significance of fixed and variable expenses in cost-volume-profit analysis.

Understand the concept of break-even analysis in business.

Calculate unit product cost using both absorption costing and variable costing methods.

Prepare income statements under both absorption costing and variable costing.

---

Definitions:

Income Taxes

Taxes levied by the government on the income of individuals or corporations.

Adjusting Entries

Recordings at the period's end in accounting to accurately assign earnings and costs to the time they happened.

Costs Expire

The concept that certain costs represent the consumption of assets over time or through use and are thus recorded as expenses.

Net Income

The total profit or loss of a business after all expenses, taxes, and costs have been deducted from total revenue.