Briefly explain the purpose of account numbers as used in a Chart of Accounts. List three advantages of using account numbers.
What will be an ideal response?
Account numbers serve the purpose of uniquely identifying specific accounts. Each account is assigned a unique number for the Chart of Accounts. Advantages of using account numbers for a Chart of Accounts include:
1. Each account can be uniquely identified, avoiding duplicate, repetitive accounts that have slightly differently spellings.
2. When entering transactions, accounts numbers can be used to save time.
3. Account numbers can be used as a coding system so the account number also identifies the type of account.
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Indicate whether the statement is true or false
Calculating return on investment (ROI) is often different for MPR practitioners since ________
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Which of the following accurately describes planning?
a. They involve developing objectives and goals for the organization. b. They involve ensuring that the objectives and goals developed by the organization are being attained. c. They involve day–to–day decision making by managers. d. They are plans dealing with the acquisition and use of resources over a specified period.
______________ is based on who has the bargaining power between the purchaser and the supplier.
a. Intercultural power b. Interorganizational power c. Interorganizational relationships d. Interpersonal relationships