All of the Following Functions Should Be Set Up as Segregated

question 3

Multiple Choice

All of the following functions should be set up as segregated duties except:

• A) Writing checks
• B) Making bank deposits
• C) Reconciling bank statements
• D) All of the above should be set up as segregated duties

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Definitions:

Entry Barriers

Obstacles that prevent or hinder new competitors from easily entering an industry or area of business, potentially including high startup costs, stringent regulations, or strong brand loyalty among consumers.

Patent

An exclusive right given to inventors to produce and sell a new product or machine for 20 years from the time of patent application.

Imitation

The action of using someone or something as a model and copying their behavior or actions.

Legal Expenses

Costs associated with legal advice, litigation, or other legal activities which individuals or businesses might incur.