For Efficiency of Operations and Better Control Over Cash, a Company

question 180

True/False

For efficiency of operations and better control over cash, a company should maintain only one bank account.

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Definitions:

Formalities

Specific procedures or requirements mandated by law or custom that must be observed to validate a legal document, agreement, or transaction.

Fraud

The wrongful or criminal deception intended to result in financial or personal gain.

Per Stirpes

A method of distributing an intestate’s estate so that each heir in a certain class (such as grandchildren) takes the share to which her or his deceased ancestor (such as a mother or father) would have been entitled.

Distribute

To allocate or spread out resources or goods across different recipients or areas.