Functional Structures

question 20

Multiple Choice

Functional structures

• A)are most effective when an organization has a large number of products.
• B)are most effective in dynamic environments.
• C)tend to facilitate the effective performance of employees with general mental abilities.
• D)are cost-effective structures for the human resource and information technology departments of most companies.

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Definitions:

General Ledger

The comprehensive set of accounts that records all transactions of a business, serving as the foundation for preparing financial statements.

Accounting Time Periods

The specific intervals or time frames for which financial information is reported, such as monthly, quarterly, or annually.

Interim Periods

Shorter reporting periods within a fiscal year, such as quarters or months, used by companies to provide timely financial information.

Cash Basis

An accounting method where revenues and expenses are recognized only when cash is received or paid, respectively.