Question

A company's books should br properly monitored and maintained because not doing so can lead to...

A company's books should br properly monitored and maintained because not doing so can lead to serious consequences. Responsibility to ensure company activities are properly recorded and maintained falls on:

Both executives and accountants

Executives

Accountants

Neither executives nor accountants
Business   Accounting   
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Answer #1

Answer:

The proper books of accounts maintained by the company is the joint responsibility of both executives and accountants.

If proper books are not maintained by the company then it may have serious legal consequence on the company but also on the people who are responsible to handle various function of the company.

Accountant is not singly responsible to maintain the proper books of accounts. Executive also have the responsibility to have a check on it as these are the people who are the policy holder of the company.

Also various provision are made in law to ensure that proper books of accounts are maintained under the supervision of executives and in case of violation penalties are levied.

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