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AFE · Question #179
AFE Question #179: Real Exam Question with Answer & Explanation
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Question
Direct serving loans method requires a system of good internal control and requires that the functions be split between the Accounting Department and the Investment Department. In such a case the Accounting Department is responsible for all of the following EXCEPT:
Options
- ASupplying the Investment Department with correct data and reports that summarize all loan transactions
- BAlerting the Investment Department promptly whenever an exception to the normal processing routine occurs
- CFor design, maintenance, and accuracy of accounting records, for periodic management and exception reports, and for statutory statement preparation
- DIts records may or not provide the needed data to support this reporting function
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