Differentiate between periodic reports and functional reports
Periodic reports are issued on regularly scheduled dates. They are generally directed upward and serve management control purposes. Daily, weekly, monthly, quarterly, semiannual, and annual time periods are typical for periodic reports. Preprinted forms and computer-generated data contribute to uniformity of periodic reports.
Functional reports serve a specified purpose within a company. The functional classification includes accounting reports, marketing reports, financial reports, personnel reports, and a variety of other reports that take their functional designation from their ultimate use. For example, a justification of the need for additional personnel or for new equipment is described as a justification report in the functional classification.
You might also like to view...
There are more businesses organized as corporations than as sole proprietorships and partnerships in the United States
a. True b. False Indicate whether the statement is true or false
______________________________ is the process by which assurance is provided through monitoring of automated controls and business events in real-time or near real time
Fill in the blank(s) with correct word
Acquisition cost should not include expenditures unrelated to the acquisition, like repair costs for damages incurred during installation, or costs incurred after the asset was installed and use begun
a. True b. False Indicate whether the statement is true or false
A forcible entry and detainer action restores the property to the landlord’s possession unless the tenant complies with payment requirements.
Answer the following statement(s) true (T) or false (F)