Which of the Following Is the Officer Responsible for Money

question 8

Multiple Choice

Which of the following is the officer responsible for money management and serves chiefly as the custodian of the organization's funds?

• A)Certified Public Accountant
• B)controller
• C)Chartered Accountant
• D)treasurer

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Definitions:

Salvage Value

The estimated residual value of an asset at the end of its useful life, often used in calculating depreciation expense.

Accumulated Depreciation

The total amount of depreciation expense that has been recorded over time for tangible assets, reducing their carrying value on the balance sheet.

Salvage Value

The forecasted sell-on value of an asset at the conclusion of its operational period.

Double-Declining Balance

A method of accelerated depreciation where an asset loses value at double the rate of the traditional straight-line depreciation method.