Which of the Following Best Defines Functional Groups

question 5

Multiple Choice

Which of the following best defines functional groups?

• A) Groups that fulfill ongoing needs in an organization by carrying out a particular function
• B) Groups that are set up to carry out a specific function and then disband when the activity is completed
• C) Groups that work together and solve functional problems through computer-based interactions
• D) Groups that are formed for specific projects that are ongoing

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Definitions:

Accounting Principles

Rules and conventions that guide the accounting practices and financial reporting of businesses.

Group Method

A depreciation technique that treats a collection of assets as a single entity for depreciation purposes, often used for assets that are similar in nature and have approximately the same useful lives.

Record Keeping

The systematic process of organizing and maintaining documents, records, and information to ensure accuracy, accessibility, and compliance.

Composite Methods

Depreciation techniques that combine multiple assets into a single group or pool and apply a uniform depreciation rate to the collective group, irrespective of individual asset life.