Cloud Software Is Delivered on Demand Via the Web to Wherever

question 56

True/False

Cloud software is delivered on demand via the Web to wherever the user is at the moment, provided he or she has an Internet connection. _________________________

---

Definitions:

Inventory

The raw materials, work-in-progress products, and fully finished goods that are considered to be the portion of a business's assets that are ready or will be ready for sale.

Sales Tax Payable

Sales tax payable is a liability account that records the amount of sales tax collected by a company from customers, which is due to be paid to the governmental tax authority.

Liability Account

An account on the balance sheet representing an obligation to pay money or deliver goods or services to another entity in the future.

Merchandise Return

A transaction where customers return previously purchased merchandise to the seller for a refund, credit, or exchange.