The Board of Directors Has Which of the Following Responsibilities

question 16

Multiple Choice

The board of directors has which of the following responsibilities?
I. Recommendation of dividend payments
II. Collection of bad debts
III. Preparation of the company budget
IV. Preparation of the company tax return

• A) I.
• B) I and II
• C) I, II and III
• D) I, II, III and IV

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Definitions:

Accounts Receivable

Amounts owed to a business by its customers for goods or services delivered on credit, representing a claim against the customers that is expected to be paid within a short duration.

Inventory

The total amount of goods and materials held by a company in stock, used for production or sale.

Accounts Payable

Liabilities of a business that are owed to creditors for goods and services purchased on credit.

Currency Swap

A financial agreement to exchange principal and interest in one currency for the same in another currency.