Asked by Winifred Akabogu on Jul 03, 2024
Verified
The person responsible for making credit sales should be the vice-president of finance.
Credit Sales
Sales transactions where the payment is deferred to a future date, typically allowing the buyer to purchase goods or services on credit.
Vice-president
An officer in a company or institution below the president in rank, who can act in place of the president under certain conditions.
- Appreciate the importance and duties of internal controls in the financial practices of a business.
- Appreciate the role of delineating responsibilities in safeguarding against fraud and mistakes in the presentation of financial statements.
Verified Answer
ZK
Zybrea KnightJul 06, 2024
Final Answer :
False
Explanation :
The person responsible for making credit sales is typically not the vice-president of finance, but rather individuals in roles directly related to sales or credit management, as these positions are more closely involved with the day-to-day decisions and assessments of creditworthiness of customers. The vice-president of finance may oversee the overall financial health of the company and set policies, but does not usually handle specific credit sales decisions.
Learning Objectives
- Appreciate the importance and duties of internal controls in the financial practices of a business.
- Appreciate the role of delineating responsibilities in safeguarding against fraud and mistakes in the presentation of financial statements.
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