Which of the Following Statements Concerning Electronic Funds Transfers Is

question 1

Multiple Choice

Which of the following statements concerning electronic funds transfers is not correct?

• A) Businesses sometimes receive payments from customers via EFT.
• B) An EFT occurs when a customer electronically transfers funds from his or her bank account to the company's bank account.
• C) Because electronic funds transfers are deposited directly into the company's bank account, they require additional internal control procedures.
• D) To process an EFT, the accounting department merely records journal entries to debit Cash and credit Account Receivable from each customer.

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