The Internet Has Caused

question 8

Multiple Choice

The Internet has caused:

• A) a democratization of information around the world.
• B) people to be more careful about personal information.
• C) companies to come together in new and different ways.
• D) Microsoft and America Online to partner for national distribution.

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Definitions:

Cash Basis

An accounting method where revenues and expenses are recorded only when cash is received or paid, irrespective of when the transactions actually occurred.

Adjusting Entry

Journal entries made in accounting records at the end of an accounting period to allocate income and expenditure to the correct periods.

Asset Account

A financial account that represents the resources owned by a company, which have future economic value.

Liability Account

An accounting record that represents debts or obligations a company owes to others.