Proper Authorization for the Issuance of Notes Payable Requires That

question 70

Multiple Choice

Proper authorization for the issuance of notes payable requires that

• A)whenever notes are renewed (refinanced),they should be subject to the same authorization procedures as used when they were first issued.
• B)responsibility for authorizing notes should lie with the manager who will receive the benefits of the loan.
• C)responsibility for authorization should lie with the treasurer's function,since the treasurer's department will receive the cash generated.
• D)responsibility for authorization should lie with the manager who must generate the revenue to repay the loan.

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