Which of the Following Is an Example of a General

question 33

Multiple Choice

Which of the following is an example of a general authorization?

• A)The highest credit limit allowed for accounts receivable is $50 000.
• B)ABC Company has a credit limit of $25 000.
• C)Each supervisory wage rate must be approved by the executive manager.
• D)Grocery supervisors approve each transaction reversal over five dollars.

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Definitions:

Bailee's Lien

The right of a bailee to retain possession of a bailor's property as security for unpaid charges related to the property.

Bailor

A person who entrusts their property into the care of another, known as the bailee, for a particular purpose.

Personal Property

Assets or belongings that are not fixed permanently to one location, such as furniture, vehicles, and electronics, distinct from real property like land or buildings.

Inter Vivos Gift

A gift that is made by a person during his or her lifetime.