Several Years After the Retirement of Mr

question 105

Multiple Choice

Several years after the retirement of Mr. Jamal, management at JOC decided to sell off its oil exploration and drilling supply holdings, and instead focus on the more profitable distribution end of the business. In conjunction with this decision, management decided to outsource most of its non core functions, such as accounting, payroll, and human resources. These moves are consistent with what type of contemporary organizational design?

• A) a modular organization
• B) a virtual organization
• C) a matrix organization
• D) a network organization

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Definitions:

Debit And Credit Rules

The guidelines used in double-entry bookkeeping where for every debit entry, there must be a corresponding credit entry, and vice versa, to ensure the accounting equation is always balanced.

Trial Balance

A bookkeeping worksheet in which the balances of all ledgers are compiled into debit and credit account columns to check the accuracy of financial records.

Errors In Journalizing

Mistakes made during the process of recording transactions in the journal, which can include omission, duplication, or incorrect entries.

Owner's Drawings

These are the withdrawals of cash or other assets by the owner from the business for personal use.