General Knowledge · Banking and Finance
Assertion (A): The back office is required to perform a monthly reconciliation of the 'Sundry Creditors' and 'Sundry Debtors' accounts to ensure that no entry remains outstanding for more than the period permitted by the bank's internal policy. Reason (R): Long-pending entries in these transitory accounts are often indicative of potential revenue leakage, embezzlement of funds, or systemic glitches in the Core Banking Solution that could lead to a qualification in the Statutory Audit report.
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1A is false but R is true.
- 2A is true but R is false.
- 3Both A and R are true but R is not the correct explanation of A.
- 4Both A and R are true and R is the correct explanation of A.✓
Correct answer
Both A and R are true and R is the correct explanation of A.
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