When the controller reviewed the aged customer list, he found that there was a large accounts receivable which was 60 days overdue. The name of the customer was the same last name as the company's president, who had a very uncommon name. The action that the controller should take would be

Question

Quizplus · Accepted Answer

It is important for the controller to bring this matter to the attention of the company president, even though it is the same last name as the president. This action shows transparency and integrity in the company's financial operations, and allows for the president to address the issue accordingly. It is possible that the president may have been unaware of the overdue account and can take immediate action to resolve it. Sending the account to a collection agency or assigning it to a junior clerk without consulting the president could damage the relationship with the customer and possibly the president. Ignoring the situation is not a responsible course of action for the controller.

When the Controller Reviewed the Aged Customer List, He Found