The Emergence of Technology Has Created New Markets for Companies

question 27

Multiple Choice

The emergence of technology has created new markets for companies.Which of the following represents an example of this new market tendency?

• A)The construction of convenience stores that replace service stations.
• B)Listing of ingredients on the side panel labels of products distributed worldwide.
• C)Newspapers being distributed online as opposed to physically on newsprint.
• D)Storage facilities rented just on time.

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Definitions:

Revenue And Expense

Key components of an income statement, with revenue representing income earned and expense depicting costs incurred in generating that income.

Correcting Entries

Journal entries made in accounting to correct previously made errors or adjustments in the financial statements.

Accrual Basis

An accounting method that records revenues and expenses when they are earned or incurred, regardless of when cash is exchanged.

Generally Accepted Accounting Principles

Generally Accepted Accounting Principles (GAAP) are a collection of commonly followed accounting standards and procedures for financial reporting.