Which One of the Following Statements Is Correct Concerning the Organizational

question 63

Multiple Choice

Which one of the following statements is correct concerning the organizational structure of a corporation?

• A) The vice president of finance reports to the chairman of the board.
• B) The chief executive officer reports to the board of directors.
• C) The controller reports to the president.
• D) The treasurer reports to the chief executive officer.
• E) The chief operations officer reports to the vice president of production.

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Definitions:

Condition Precedent

A specific condition or event that must occur before a contract becomes effective or before a party is obligated to fulfill their part of the contract.

Ended by Agreement

A situation where a contract or arrangement is terminated through mutual consent of all parties involved.

Unforeseen Event

An unexpected occurrence that can impact agreements or plans, often referred to as a force majeure in legal contexts.

Breach of Warranty

The failure to fulfill the terms of a promise or guarantee made regarding the condition or performance of a product or service.