Which of the Following Statements Regarding a Lock-Box System Is

question 187

Multiple Choice

Which of the following statements regarding a lock-box system is incorrect?

• A) Customers send their checks directly to a post office box that belongs to the company.
• B) Internal control is tight because company personnel never touch incoming cash.
• C) A bank employee empties the box daily and records the deposits into the company's bank account.
• D) Cash is put into the company's bank account quickly.

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