An Event Typically Associated with the Customer Module of a Baseline

question 52

Multiple Choice

An event typically associated with the customer module of a baseline accounting system is

• A)Make deposits
• B)Create purchase orders
• C)Receive inventory
• D)Pay bills

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Definitions:

Depositary Bank

The first bank that receives a check for payment.

Collecting Bank

Any bank, with the exception of the payor bank, that handles a check during the check collection process.

Check Collection Process

The procedure by which banks handle the transfer and clearing of checks from the payee's bank to the issuer's bank, ensuring payment.

Cashier Checks

A check issued by a bank, drawn on its own funds rather than that of a personal account. It is typically considered a secure form of payment.