Technological Innovation Can Be a Double-Edged Sword in the Development

question 2

Multiple Choice

Technological innovation can be a double-edged sword in the development of manufacturing because:

• A) it can substitute rapidly for labour
• B) it is hard to translate innovation into production
• C) it creates new products or processes that then require new production conditions
• D) many products resist production by new technologies

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Definitions:

Cost of Goods Sold

The direct expenses related to the production of goods sold by a company, including the cost of the materials and labor directly used to create the good.

Adjusting Entries

Journal entries made in accounting records at the end of an accounting period to allocate income and expenditures to the period in which they actually occurred.

Auditing Standards

These are established regulations and guidelines for the auditing process, ensuring that audits are performed ethically and uniformly.

Recorded

The act of documenting or entering financial transactions in the accounting records of a company.