Technologies Such as Smart Phones and E-Mail Have

question 25

Multiple Choice

Technologies such as smart phones and e-mail have:

• A) cut down on the amount of work people do.
• B) increased the amount of work people do.
• C) no impact on hours spent at work.
• D) decreased work productivity.

Understand and calculate the ending capital balance after considering all relevant transactions.

Identify and classify accounts as temporary or permanent.

Understand the process of closing accounts including the effects on the capital account.

Determine the effects of closing entries on net income, net loss, and individual account balances.

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Definitions:

Direct Materials

Raw materials that can be directly attributed to the production of goods or services.

Depreciation Expense

The allocation of the cost of a tangible asset over its useful life, reflecting wear and tear, deterioration, or obsolescence.

Prime Costs

The direct costs of a product, which include the costs of direct materials and direct labor involved in its production.

Tires

Rubber-based, circular components designed to cover the wheels of vehicles, providing traction and absorbing shock.