What Are the Key Elements of Organizational Structure? Define Each

question 55

Essay

What are the key elements of organizational structure? Define each element.

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Definitions:

Perpetual Inventory Method

A continuous system of recording inventory transactions immediately as they occur, providing an up-to-date record of stock levels.

General Journal Entries

General journal entries are records of financial transactions in the general journal, making note of the debit and credit of each transaction according to accounting principles.

Perpetual Inventory Method

An accounting method that continuously tracks inventory levels and costs, updating the inventory account after each purchase or sale.

General Journal Entries

The initial record where financial transactions are first entered into the accounting system, before summarizing or posting to ledgers.