The Person Generally Directly Responsible for Overseeing the Cash and Credit

question 81

Multiple Choice

The person generally directly responsible for overseeing the cash and credit functions, financial planning, and capital expenditures is the:

• A) Treasurer.
• B) Director.
• C) Controller.
• D) Chairman of the board.
• E) Chief operations officer.

---

Definitions:

Closing Entries

journal entries made at the end of an accounting period to transfer temporary account balances to permanent accounts, thereby preparing the accounts for the next period.

Capital Account

A financial statement that shows the changes in a company's equity throughout an accounting period, including contributions from and distributions to owners.

Withdrawals Account

An account used to track money taken out of a business by its owner(s) for personal use.

Income Summary

An account used in closing process to collect all revenue and expense account balances before determining net income or loss.