The Accounts Receivable Department Must Know When Customers Pay Their

question 74

Multiple Choice

The accounts receivable department must know when customers pay their invoices,yet segregation of duties controls dictate that the collection and recording functions be kept separate from each other.What is a solution to this potential internal control problem?

• A) Have customers send a remittance advice with their payment.
• B) Have mailroom personnel prepare a remittance list which can be forwarded to accounts receivable.
• C) Establish a lockbox arrangement with a bank.
• D) all of the above

Determine the legal consequences of modifying a contract and the relevance of additional agreements or understandings.

Distinguish between different types of contracts and their requirements for validity and enforceability.

Understand key terms and definitions relevant to the person-situation debate.

Comprehend the historical and current arguments in the person-situation debate.

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Definitions:

Gastrin

A hormone produced by the stomach that stimulates the secretion of gastric acid.

Intestinal Phase

A phase of gastric secretion that begins when food enters the small intestine, triggering hormones that influence digestive processes.

Duodenal Gland

Small gland that opens into the base of intestinal glands; secretes a mucoid alkaline substance.

Duodenal Mucosa

The lining of the duodenum, which contains cells responsible for the secretion of enzymes necessary for digestion.