Standard Operating Procedures and Rules and Regulations Can Serve as a Substitute

question 86

True/False

Standard operating procedures and rules and regulations can serve as a substitute for decision making.

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Definitions:

Bank Deposit

A sum of money placed in an account with a banking institution, often earning interest.

Bank Reconciliation

The process of matching and comparing figures from accounting records against those presented on a bank statement to ensure consistency and accuracy in financial records.

Voucher System

A control mechanism in accounting to ensure that every payment is properly authorized and recorded.

Liability

A company’s legal financial debts or obligations that arise during the course of business operations.