Practice Quiz

FSOT: 500 Test Prep Study Questions

Category - Management

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After learning that a single individual is responsible for managing all bank accounts and for authorizing and paying for all purchases, an appropriate action by a manager would be to
  1. accuse the individual of mismanagement and fraud
  2. recommend the segregation of duties so that one person reconciles the bank accounts, another authorizes purchases, and yet another processes payments
  3. speak with the individual and ensure that all proper practices and procedures are followed
  4. instruct the bank to mail statements to a secretary, who will then forward them to the individual for processing
Explanation
Answer: B - Recommend the segregation of duties so that one person reconciles the bank accounts, another authorizes purchases, and yet another processes payments.
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