In Centralized Organizations, Top Managers Make All the Decisions, and Lower-Level

question 60

True/False

In centralized organizations, top managers make all the decisions, and lower-level managers merely carry out their directives.

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Definitions:

Checks Cleared

The process where bank checks are verified and funds are transferred from the check writer's account to the recipient's account.

Checks Written

Financial documents that instruct a bank to pay the specified amount from the drawer's account to the person or entity named on the check.

Deposits In Transit

Funds that have been sent to a bank but not yet recorded by the bank in the company’s account balance.

Outstanding Checks

Checks that have been written and recorded in a company's accounting system but have not yet been cashed or cleared by the bank.