Which of the Following Should Be Performed by the Persons

question 57

Multiple Choice

Which of the following should be performed by the persons opening the mail and recording payments?

• A) Adding a restrictive endorsement on all checks.
• B) Entering payment information into customer accounts.
• C) Preparing the deposit slip and the delivery of the checks to the bank.
• D) Segregating all payments made on accounts listed as past due.

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Definitions:

Cash

The most liquid form of financial asset, used to settle debts and transactions.

Contributions

In accounting, refers to the amounts paid into a company by the owners or shareholders for equity.

Joint Operation

A business arrangement in which two or more parties agree to pool their resources for the purpose of accomplishing a specific task, where each participant is jointly responsible for profits, losses, and costs.

Supply Of Services

The action of providing services to consumers or businesses, which can involve physical labor or intellectual tasks.