Managers Are Important to an Organization Because ________

question 35

Multiple Choice

Managers are important to an organization because ________.

• A)they are listed in the organization chart
• B)employees would not know what to do without managers
• C)they are critical to getting things done
• D)customers expect companies to have managers

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Definitions:

Completed-Contract Method

An accounting method used where revenue and profit are deferred until a contract is completed, particularly useful in long-term projects.

Percentage-Of-Completion Method

An accounting method used to recognize revenue and expenses of long-term contracts proportionally to the amount of work completed.

Extractive Industry

Industries involved in the extraction of natural resources from the earth, such as mining, drilling for oil, or logging.

Allowance Method

A method of accounting for bad debts that involves estimating and recording the amount of uncollectible accounts receivable.