In the Last Step of the Procedure to Properly Control

question 97

Multiple Choice

In the last step of the procedure to properly control cash payments received in the mail, the ________ verifies the amount of the deposit and the total amount posted to the cash account.

• A)bank
• B)accounting department
• C)Treasurer
• D)Controller

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Definitions:

Present Value

The present-day worth of money to be received in the future or ongoing cash flows, discounted by a specific rate of return.

Single Sum

A lump-sum amount of money taken in a single payment rather than in installments over time.

Owner Control

The extent to which the owners of a business have the power to make decisions and influence the company's operations and strategic direction.

Bonds

Fixed income investments representing loans made by an investor to a borrower, typically corporate or governmental, which pay interest at predetermined intervals.