The Controller Normally Has Responsibility for All ____ Related Activities

question 45

Multiple Choice

The controller normally has responsibility for all ____ related activities, while the treasurer is normally concerned with ____.

• A) acquisition; data processing
• B) tax; cost accounting
• C) tax; financial accounting
• D) accounting; expenditure of funds

---

Definitions:

Net Income

The total earnings of a company after deducting all expenses, taxes, and costs from its total revenues.

Income and Losses

The total revenues gained minus the expenses and losses incurred by a business over a period, determining net profit or loss.

Accumulated Depreciation

The total amount of depreciation expense that has been charged against a fixed asset since it was acquired, reflecting its loss of value over time.

Equipment

Equipment refers to the tangible assets or tools used in the operation or production process of businesses, which can range from office supplies to heavy machinery.