Multiple Choice
The finance function is usually responsible for which of the following processes?
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1. Introduction to Accounting
Types of Accounting
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Which of the following is NOT typically considered a service offered by banks?
A
Granting loans
B
Facilitating electronic fund transfers
C
Accepting deposits
D
Preparing tax returns for clients
Verified step by step guidance1
Step 1: Understand the context of the question. Banks are financial institutions that provide a variety of services to individuals and businesses. These services typically revolve around managing money, facilitating transactions, and providing financial products.
Step 2: Review the options provided in the question. The services listed include granting loans, facilitating electronic fund transfers, accepting deposits, and preparing tax returns for clients.
Step 3: Analyze each option. Granting loans, facilitating electronic fund transfers, and accepting deposits are core services offered by banks. These activities are integral to the banking industry and align with their primary functions.
Step 4: Consider the option 'Preparing tax returns for clients.' This service is not typically associated with banks. Tax preparation is usually handled by accountants, tax professionals, or specialized firms, not banks.
Step 5: Conclude that the correct answer is 'Preparing tax returns for clients,' as it is not a service typically offered by banks.
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