Specialized Functions Such as Marketing and Finance Are Generally Referred

question 230

Multiple Choice

Specialized functions such as marketing and finance are generally referred to as

• A)teams.
• B)groups.
• C)divisions.
• D)departments.
• E)business units.

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Definitions:

Accounting Period

A specific period of time for which financial accounts are prepared, commonly a year or a quarter.

Salaries Expense

Represents the total amount paid to employees as wages or salaries before any deductions, recognized in the accounting period in which employees' services are utilized.

Year-End Adjusting Entry

An accounting entry made at the end of a fiscal year to update accounts for revenues earned or expenses incurred but not yet recorded.

Credit To Cash

A financial transaction where received credits (receivables) are converted into cash, often through collections or sales.