For Good Internal Control an Organization Should Segregate the Duties

question 49

Multiple Choice

For good internal control an organization should segregate the duties of:

• A) HR and payroll
• B) AP and payroll
• C) payroll and cashier
• D) all of the above

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Definitions:

Actual Reserves

The total reserves held by a bank, consisting of both required reserves and any excess reserves not needed to meet central bank requirements.

Discount Rate

The Discount Rate is the interest rate set by central banks at which financial institutions can borrow reserves, influencing monetary policy and the money supply.

Federal Reserve

The central banking system of the United States, responsible for monetary policy, regulation of banks, and providing financial services to depository institutions.

U.S. Government Securities

Financial instruments issued by the United States Department of the Treasury to finance federal government spending, considered very low risk.