The Officer Who Is Generally Responsible for Maintaining the Cash

question 129

Multiple Choice

The officer who is generally responsible for maintaining the cash position of the corporation is the

• A) controller.
• B) treasurer.
• C) cashier.
• D) internal auditor.

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Definitions:

Perfection of Fixtures

The legal process by which a secured interest in a fixture, or personal property attached to real property, is established and made enforceable against other creditors or subsequent buyers.

Automatic Perfection

A provision in secured transactions law where a security interest in collateral becomes legally effective and enforceable immediately upon attachment, without additional action required.

Fixture Filing

Fixture filing is a legal claim on personal property that has been attached or fixed to real estate in a manner that it is considered part of the real property.

Mechanic's Lien

A legal claim against a property for unpaid construction work or supplies, giving the contractor a right to secure payment.