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The Information Revolution Has Changed Many Things About the Economy

question 26

Essay

The Information Revolution has changed many things about the economy, but most other aspects of life have remained unchanged. Describe two things that remain the same.


Definitions:

Cash Payments

Transactions involving the immediate transfer of cash to settle the purchase of goods, services, or a debt.

Liabilities

Financial obligations of a business, such as loans, accounts payable, and mortgages, that it is required to pay to others.

Principles

Fundamental concepts or general laws that guide business practices, accounting standards, and financial reporting.

Internal Control

A process designed to ensure reliability in financial reporting, effectiveness and efficiency of operations, and compliance with laws and regulations.

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