Internet Commerce Is Computer-To-Computer Exchange of Business Event Data in Structured

question 57

True/False

Internet commerce is computer-to-computer exchange of business event data in structured or semi-structured formats via Internet communication that allows the initiation and consummation of business events.

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Definitions:

Utilities Expense

An expense incurred by a business for basic utilities, such as electricity, gas, and water, which are necessary for operations.

Fees Earned

Revenue generated from providing services.

Prepaid Insurance

Insurance costs paid for in advance, recorded as a current asset until the period the insurance coverage relates to passes.

Insurance Expense

The cost recognized in accounting for premiums paid on insurance policies.