Which of the following is the strongest internal control over interest calculation?

Type: MCQ • Marks: 1

A. Independent verification/reconciliation of rate, principal, period and computed interest

B. Reliance solely on memory

C. Verbal calculation

D. Allowing borrowers to determine the amount

Explanation

Verification reduces computational and accounting errors.

Want to attempt the full test series with a timer and instant score? Purchase the package to unlock the complete test. Purchase Now

UPSC Principal & Vice Principal Management Finance Administration

This page is indexed for search so students can find questions directly from Google.

Welcome to TutorWale!