Responsibility for the issuance of new notes payable would normally be vested in the
A) board of directors.
B) purchasing department.
C) accounting department.
D) accounts payable department.

Question

Quizplus · Accepted Answer

The board of directors of a company is responsible for making major financial decisions, including authorizing the issuance of new notes payable. The purchasing, accounting, and accounts payable departments may be involved in the process, but ultimate responsibility lies with the board of directors.

Responsibility for the Issuance of New Notes Payable Would Normally