Whereas Executives Specify Roles and Relationships in a Functional Structure

question 25

Multiple Choice

Whereas executives specify roles and relationships in a functional structure in terms of ________, they use the divisional structure format to specify them according to ________.

• A)inputs; outputs
• B)buyers; suppliers
• C)markets; countries
• D)politics; economics

Recognize the recording processes for sales on account, including returns and discounts.

Grasp the treatment of sales involving bank credit cards.

Understand the reporting and impact of freight terms on accounting entries.

Calculate the effect of trade and cash discounts on merchandise inventory.

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Definitions:

Scarcity

The fundamental economic problem of having seemingly unlimited human wants in a world of limited resources.

Phenomenon

An observable event or a fact that is apparent and can be scientifically described or explained.

Free Lunch

A metaphorical expression that describes a situation where something is offered for free, implying hidden costs or implications.

Principle

The original sum of money borrowed in a loan, or put into an investment, exclusive of any interest or dividends.