Organizations That Need the Ability to Provide a Wide Variety

question 26

Multiple Choice

Organizations that need the ability to provide a wide variety of services to customers with differing requirements usually use a _____.

• A) cellular layout
• B) process layout
• C) fixed-position layout
• D) product layout

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Definitions:

Adjusting Entry

An accounting record made to update the financial statements to reflect income earned or expenses incurred but not yet recorded.

Employee Wages

Payment given to workers for their services, usually determined by the hour, day, or work completed.

Net Income

The amount of money remaining after all operating expenses, taxes, and interest have been subtracted from total revenue.

Adjusting Entries

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