Division of Labor Is Often Referred to as ____

question 39

Multiple Choice

Division of labor is often referred to as ____.

• A) departmentalization.
• B) the organizational chart.
• C) specialization.
• D) configuration.
• E) the administrative hierarchy.

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Definitions:

Retained Earnings

Profits that a company keeps after dividends are paid to shareholders, used for reinvestment in the business or to pay off debt.

Closing Entry

A closing entry is an accounting procedure used at the end of an accounting period to transfer the balances from temporary accounts to permanent ones, thus preparing the accounts for the next period.

Prepaid Insurance

An asset account that reflects insurance payments that are made in advance for future insurance coverage periods.

Retained Earnings

The portion of net income that is not distributed to shareholders but instead reinvested in the business or used to pay off debt.