Financial Managers Are Responsible for Accounts Receivable and Accounts Payable

question 23

True/False

Financial managers are responsible for accounts receivable and accounts payable management.

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Definitions:

Checks

Financial instruments that order a bank to pay a specific amount of money from the writer's bank account to the person or entity in whose name the check has been issued.

Bank

A financial institution licensed to receive deposits, offer loans, and provide other financial services to its customers.

Collection Float

The time period between when a payment is made by a customer and when the funds become available to the recipient.

Cheques

Financial instruments that instruct a bank to pay a specific amount of money from a person's account to another individual or entity.