According to Our Textbook, __________ Is Having an Impact on Determining

question 45

Multiple Choice

According to our textbook, __________ is having an impact on determining an organization's competitors because it has virtually eliminated geographic boundaries.

• A) local area network
• B) the intranet
• C) the internet
• D) videoconferencing
• E) government legislation

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Definitions:

Accrual-Basis Accounting

Accounting basis in which companies record transactions that change a company's financial statements in the periods in which the events occur.

Cash-Basis Accounting

Accounting basis in which companies record revenue when they receive cash and an expense when they pay out cash.

Revenue Recognition Principle

An accounting principle stating that revenue should be recorded when it is earned and realizable, regardless of when the cash is received.

Expense Recognition Principle

An accounting principle that states expenses should be recognized and recorded when they are incurred, regardless of the timing of cash payments.