How Do Input-Based Definitions of High-Tech Differ from Output-Based Definitions

question 12

Multiple Choice

How do input-based definitions of high-tech differ from output-Based definitions?

• A)Input-based definitions are based on expert's input/opinion while output-based definitions are based on the type of product sold.
• B)Input-based definitions are post-hoc and output-based definitions omit some important new industries.
• C)Both input-based and output-based definitions provide solid ranking of high-technology industries.
• D)Input-based definitions are based on criteria such as the number of technical employees while output-based definitions are based on whether the product embodies leading-eduge technologies.
• E)Input-based definitions tend to be preferred to output based definition.

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Definitions:

Income Summary

A temporary account used in closing process to summarize the results of a period's revenues and expenses.

Adjusting Entry

Journal entries made in accounting records at the end of an accounting period to allocate income and expenditures to the period in which they actually occurred.

Closing Entry

An accounting action that transfers the balances from temporary accounts to permanent ones at the end of an accounting period.

Owner's Equity

The residual interest in the assets of an enterprise after deducting its liabilities; represents the owner's claims against the company's assets.