Describe the Difference Between Formalization and Specialization

question 51

Essay

Describe the difference between formalization and specialization. Is it possible for an organization to be high in one and low in the other or vice versa?

Grasp the significance of prototypical items at different levels of categorization (basic, superordinate, and subordinate).

Analyze models of concept formation and categorization, including psychological essentialism, connectionism, and the distinctions between various theoretical views.

Recognize the purpose and utility of concepts in organizing knowledge and navigating the world.

Understand the differences between knowledge-based and similarity-based views regarding categorization decisions.

---

Definitions:

Prepaid Expense Account

An asset account that represents payments made in advance for goods or services to be received in the future.

Expenses

Outflows of resources or incurring of liabilities (or a combination of both) resulting from a company's activities intended to generate income.

Assets

Economic resources owned or controlled by a business or an individual that are expected to produce value.

Accounting Information System

A system designed to collect, store, manage, process, retrieve, and report financial data for its users.