An Example of New Industry Formation, Apple's IPhone, Introduced on January

question 26

Multiple Choice

An example of new industry formation, Apple's iPhone, introduced on January 9, 2007, spurred the development of this new industry:

• A)The smart phone improvement industry
• B)The mobile app industry
• C)The pay-as-you-go-cell phone industry
• D)The development of scratch-proof screens industry
• E)The Android industry

---

Definitions:

Total Revenues

The total amount of income generated by a business from its normal business operations, including sales of goods or services, before any expenses are deducted.

Income Summary

An account used in the closing process during the accounting cycle that summarizes the results of operations—revenues and expenses—before transferring the net income or loss to the owner's equity.

Revenue

The total amount of money generated by the sale of goods or services related to a company's primary operations before any expenses are deducted.

Expense Accounts

Expense accounts are used in accounting to track money spent or costs incurred in a company's operations.