In Times of Crisis or Risk of Company Failure,authority Should

question 180

Multiple Choice

In times of crisis or risk of company failure,authority should be:

• A) Decentralized
• B) Centralized at the bottom
• C) Centralized at the top
• D) Spread through a wide span of management
• E) Flat

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Definitions:

Special Journal

A journal used in accounting to record transactions of a similar type.

General Journal

A primary accounting journal where all types of transactions are initially recorded before being posted to specific accounts in the ledger.

Subsidiary Ledger

A detailed ledger that provides a breakdown of individual transactions affecting a control account in the general ledger, such as accounts receivable or accounts payable.

General Ledger

The master set of accounts that summarize all transactions occurring within an entity, serving as the main accounting record.