In order for financial reports to be accurate and consistent, accountants in the United States typically follow _______ to present financial information.
A) international financial report standards (IFRS)
B) the Uniform Commercial Accounting Code (UCAC)
C) the Internal Revenue Code (IRC)
D) generally accepted accounting principles (GAAP)
E) Securities and Exchange Commission (SEC) guidelines
Question 2
The executive team at a major retailer recently reorganized the company. They decided to departmentalize in a way that would improve responsiveness to the unique demands of customers in different regions of the country. This is especially important because regional preferences are so distinct in their retail category. The company realizes this could create inefficiency because of the duplication of certain activities. They most likely departmentalized by:
A) function.
B) customer.
C) product.
D) specialty.
E) location.
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