An Account into Which Funds Are Deposited Only in an Amount

question 96

Multiple Choice

An account into which funds are deposited only in an amount equal to the value of the checks presented for payment that day is called a ________ account.

• A) lockbox
• B) concentration
• C) zero-balance
• D) compensating balance
• E) revolving

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Definitions:

Written Medium

A means of communication that involves the representation of language in a textual form, such as books, articles, or online content.

Confidential

Information or documents that are private or secret and not to be shared with unauthorized individuals.

Immediate Feedback

Instantaneous response or assessment given to a statement, performance, or action, facilitating rapid improvement.

Written Channels

Means of communication that involve writing, such as letters, emails, reports, or social media posts.