In a two-person operation, one may specialize in the outward-facing tasks such as sales while the other specializes in the internal jobs such as research and production. In a large firm, there may be vice presidents for each task such as marketing, finance, and HR. These examples represent different types of _____.
Fill in the blank(s) with the appropriate word(s).
Answer: horizontal specialization
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Current liabilities are those obligations that are due within one year or the normal operating cycle of the business, whichever is longer, and will require use of current assets
Indicate whether the statement is true or false
The convention of consistency refers to consistent use of accounting principles
a. among firms. b. throughout the accounting period. c. within industries. d. among accounting periods.
The goals of the World Trade Organization were to create a "customs union" that would do away with internal tariffs among the member states and to create a uniform external tariff to be applied to all nonmembers
Indicate whether the statement is true or false
A(n) ________ is a seagoing common carrier operating with a stated rate schedule but without established routes
A. common carrier B. conference line C. independent line D. tramp vessel