Greater Price Competition Is Due to the Use of Technology

question 109

True/False

Greater price competition is due to the use of technology helping to drive down costs and greater levels of globalization and retail competition is helping to depress price levels.

---

Definitions:

Withdrawals Account

A record of the money taken out of a business by its owner(s) for personal use.

Income Summary

A temporary ledger account used in the closing process to summarize the year's revenues and expenses before transferring the net income or loss to the owner's equity account.

Capital

The financial resources used by a business to fund its operations and growth, including equity and debt.

Income Statement Accounts

Accounts that are included in the income statement, showing revenues and expenses for a specific period.