The Point at Which an Industry-Specific Activity Becomes Common Across

question 37

Multiple Choice

The point at which an industry-specific activity becomes common across industries and the need to keep it proprietary no longer exists is also called:

• A) Commoditization
• B) Specification
• C) Break even point
• D) Pinnacle

---

Definitions:

Securities & Exchange Commission

A federal agency responsible for enforcing the federal securities laws and regulating the securities industry, the nation's stock and options exchanges.

External Audit

An external audit is conducted by an independent firm or individual to examine an organization's financial records and operations to ensure the accuracy and integrity of its financial statements.

Internal Control

A process designed to ensure the reliability of financial reporting, compliance with laws and regulations, and effective and efficient operations.

Significant Accounting Policies

These are the specific principles, bases, conventions, rules, and practices applied by an entity in preparing and presenting financial statements.