A Lock-Box System

question 1

Multiple Choice

A lock-box system:

• A)prevents unauthorized access to cash.
• B)slows down the time it takes to deposit cash to the bank.
• C)is more susceptible to fraud, since employees of the company have access to the cash.
• D)can only be used by very large companies.

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Definitions:

COA

An abbreviation for Chart of Accounts; a systematic list of account titles and numbers used by a company to organize its financial transactions and prepare financial statements.

Sub-accounts

Secondary accounts nested under a primary account, used for more granular management of finances.

Run Report

The process of generating a summary of data or statistics, typically from a database or software application.

Edit Selection

A feature or function in software that allows users to choose specific portions of text or data to modify or manipulate.