A Flatarchy Is a Hybrid Approach Using a Functional Structure

question 42

True/False

A flatarchy is a hybrid approach using a functional structure and a relatively flat hierarchy, with a correspondingly wide span of control.

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Definitions:

Financial Statement

Documentation that shows an entity's financial status at a specific time, including balance sheets, income statements, and cash flow statements.

Permanent/Temporary

Categories of accounting items: permanent (or real) accounts carry their ending balances into the next accounting period, and temporary (or nominal) accounts are closed at the end of every period.

Adjusting Entries

Journal entries made at the end of an accounting period to allocate income and expenditures to the appropriate period.

Reversed

Changed to the opposite direction, order, position, or condition, often referring to financial transactions or entries.