Explain the Role of the Board of Directors

question 3

Essay

Explain the role of the Board of Directors.

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Definitions:

Accounts Payable

The amount of money a company owes to its suppliers or creditors for goods or services purchased on credit.

Subsidiary Posting

The process of transferring entries from the journal to the individual ledger accounts, often for the purpose of detailed accounting and tracking.

Purchases Journal

A record used in accounting to track all acquisitions of merchandise, inventory, and supplies on credit.

Purchases Journal

A record keeping tool used in accounting to track all purchases made by a business, including inventory, supplies, and services.