Proper Method for Transferring Residual Project Funds
Question:
What is the recommended process for transferring residual funds from a project or account?
A) Directly depositing the funds into a personal bank account
B) Using a wire transfer to move the funds to a designated account or fund
C) Converting the residual funds into physical cash and mailing it
D) Distributing the funds as cash to individual stakeholders
Answer:
Recommended Process for Transferring Residual Funds
Answer: B) Using a wire transfer to move the funds to a designated account or fund
Explanation: The recommended process for transferring residual funds from a project or account involves using a wire transfer to move the funds to a designated account or fund. This method ensures a secure, accurate, and traceable transfer of funds, minimizing the risk of errors or fraud.
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