Utility and Basic IT Support Costs Eat Up 20 Percent

question 3

True/False

Utility and basic IT support costs eat up 20 percent of most organizational technology budgets.

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Definitions:

Asset Accounts

Accounts that appear on a balance sheet and represent tangible and intangible items owned by a business that have value.

Liability Accounts

These accounts record obligations or amounts owed by a business to creditors, which can include loans, accounts payable, mortgages, and other debts.

Wages Payable

A liability account that records the amounts owed to employees for work performed that have not yet been paid.

Accounts Receivable

Funds that customers owe to a company for products or services provided but for which payment has not been received.