Which of the Following Statements Is the Most Accurate

question 4

Multiple Choice

Which of the following statements is the most accurate?

• A) Trustees may make decisions by majority vote.
• B) Trustees must normally act unanimously.
• C) Trustees' decisions must be made in a meeting at which all are present.
• D) Where there are two or more trustees, any one of them can provide a good receipt for a payment made by a third party.

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Definitions:

Liabilities

Financial obligations or debts that a company owes to external parties.

Assets

Assets that a company possesses or has rights to, which are anticipated to bring in economic gains or advantages in the future.

Operating Cycle

The period it takes for a business to buy inventory, sell products or services, and collect cash from sales.

Current Liability

Financial obligations that are due to be paid within one year or within the normal operating cycle of a business.