Accrual basis accounting _________; cash basis accounting _________.

a. records revenue when cash is received from customers; records revenue when goods or services are provided

b. records revenue when goods or services are provided; records revenue when cash is received from customers

c. records revenue when either cash is received from customers or goods or services are provided; records revenue when cash is received from customers

d. records revenue when cash is received from customers; records revenue when either cash is received from customers or goods or services are provided

e. records revenue when either cash is received from customers or goods or services are provided; records revenue when either cash is received from customers or goods or services are provided

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If the accountant for Gibby Company fails to make the necessary adjustment at the end of the accounting period for supplies used during the period, __________.

net income will be overstated and total assets will be overstated

net income will be overstated and total assets will be understated

net income will be understated and total assets will be overstated

net income will be understated and total assets will be understated

net income will be overstated but total assets will not be affected

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Unit sales price = $5 Variable costs = 60% of sales Total fixed costs = $100,000.

Calculate the number of units the company must sell to achieve a target profit of $50,000.

a. 30,000 units

b. 50,000 units

c. 75,000 units

d. 100,000 units

e. 200,000 units

f. 300,000 units