The Following Reduces the Need for In-House Information Technology People

question 83

Multiple Choice

The following reduces the need for in-house information technology people as well as for transaction and system managers:

• A)Theory of constraints.
• B)Web hosting.
• C)Generally accepted accounting principles.
• D)Stand-alone accounting systems.

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Definitions:

Prepaid

Expenses paid in advance for goods or services, which are then recognized over time as the benefits are received.

Accrued Expenses

Expenses that have been incurred but not yet paid or recorded in the financial statements, representing liabilities.

Accrued Revenues

Accrued revenues are earnings recorded in the financial statements for goods delivered or services provided, although no cash has been received yet.

Prepaid Items

Prepaid items refer to expenses paid in advance for goods or services to be received in the future.