The Division of Labor

question 40

Multiple Choice

The division of labor

• A)allows more people to be employed
• B)allows tasks to be performed more efficiently
• C)makes people happier on the job
• D)means that less management is required
• E)means that less equipment will be used

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Definitions:

GAAP

Generally Accepted Accounting Principles, a collection of commonly-followed accounting rules and standards for financial reporting.

R&D Costs

Expenses associated with the research and development of a company's goods or services, often considered an investment in a company's future.

Historical Cost Principle

An accounting principle that states all assets and liabilities should be recorded and reported at their original purchase cost.

Comparability

A financial accounting principle that allows the financial statements of multiple periods or companies to be comparable with each other.