Employees Cannot Be Expected to Follow Policies and Procedures Ofwhich

question 44

True/False

Employees cannot be expected to follow policies and procedures ofwhich they are unaware.

---

Definitions:

Debit

An accounting entry that increases an asset or expense account, or decreases a liability or equity account.

Cash Discount Period

A specific time frame during which a buyer can pay less than the full amount due by taking advantage of a discount offered.

Liability Account

A financial accounting term for amounts owed by a business to creditors or others, usually categorized as current or long-term.

Asset Account

An account that records the value of resources owned by an entity which have economic value and can provide future benefits.