The Operator,in Mounting the Magnetic Tape Containing the Cash Receipts

question 17

Multiple Choice

The operator,in mounting the magnetic tape containing the cash receipts for the processing run to update accounts receivable,mounted the receipts tape from the preceding rather than the current day.The error was not detected until after the processing run was completed.The best control procedure would be a:

• A)Header label check
• B)Trailer label check
• C)Parity check
• D)Hash total check

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Definitions:

Discount Rate

The interest rate charged by central banks on loans and advances to commercial banks and other financial institutions.

Reserve Requirements

Reserve requirements are central bank regulations that set the minimum amount of reserves that commercial banks must hold, either in their vaults or deposited with the central bank, as a percentage of their deposit liabilities.

Central Bank

An institution that manages a state's currency, money supply, and interest rates.

Federal Reserve

The central banking system of the United States, responsible for monetary policy, regulation of financial institutions, and maintenance of financial stability.