Match each term with its correct definition.
-An accounting field that is required to follow Generally Accepted Accounting Principles.
A)Organizational chart
B)Financial accounting
C)Line position
D)Managerial accounting
E)Planning
F)Directing
G)Controlling

Question

Quizplus · Accepted Answer

Financial accounting is the accounting field that is required to follow Generally Accepted Accounting Principles (GAAP), which are a set of guidelines and standards for financial reporting.

Answer: D
 Managerial accounting is a field of accounting that provides information for internal decision-making and is not required to follow GAAP.

Answer: A  
 Organizational chart is a visual representation of the hierarchical structure of an organization, typically showing the relationships between positions and departments.

Answer: C  
 Line position is a position in an organization that is directly involved in the production, sale, or delivery of a product or service.

Answer: E  
 Planning is the process of setting goals, developing strategies, and outlining tasks and responsibilities to achieve those goals.

Answer: F  
 Directing is the process of managing and overseeing the work of others to ensure that goals are met and tasks are completed efficiently and effectively.

Answer: G  
 Controlling is the process of monitoring performance, comparing it to goals, and making adjustments as necessary to ensure that goals are met.

Match Each Term with Its Correct Definition