Before Getting Involved in E-Commerce, Your Small Business Must Have

question 33

True/False

Before getting involved in e-commerce, your small business must have all the resources - time, money, accounting and technical staffs, and so forth - necessary to create a product catalog, get approved for and open a merchant account, design and develop in-house shopping cart software, identify and connect with a payment processor and payment gateway system, and then tie sales and payments into your business's back office and order fulfillment systems.

Explain the impact of foreign currency transactions on financial statements, including gains and losses.

Understand the basic principles of debit and credit balances in accounting.

Comprehend the effects of transactions on asset and liability accounts and their impact on company financial statements.

Recognize the components and importance of source documents in the accounting process.

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Definitions:

Revolutionary Action

A significant and often sudden action or movement aimed at causing fundamental changes in societal structures.

Nonroutine Collective Action

Refers to actions taken by a group of individuals or organizations that are not part of their normal activities to achieve a common goal or address a specific issue.

Breakdown Theory

A theory in social sciences that explains social movements as a result of the breakdown of social norms and structures.

Social Imbalance

The unequal distribution of resources, opportunities, and rights among different social groups, leading to disparities and social injustices.