Positions in a Company That Have Direct Responsibility for Its

question 91

Short Answer

Positions in a company that have direct responsibility for its basic objectives are called _________ positions, and the positions indirectly responsible for the company's objectives are called _________ positions.

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Definitions:

Book Value

The net value of a company's assets as found on its balance sheet, calculated by subtracting total liabilities from total assets.

Adjustment

Changes made to the financial records at the end of an accounting period to reflect true and fair values.

Unearned Fees

Income received by an entity for services yet to be provided and is recorded as a liability until the service is rendered.

Net Income

The net income a company earns following the subtraction of all taxes and expenses from its revenues.