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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Definitions:

Self-leadership

A process whereby individuals influence themselves to achieve self-direction and self-motivation required to perform tasks.

Empowerment

The process of giving individuals or groups the authority, confidence, and means to increase their control over their own lives or work.

Job Rotation

The practice of periodically moving employees between different tasks or jobs to reduce monotony and develop a wider range of skills.

Job Enrichment

The process of making a job more rewarding, challenging, and interesting by adding tasks that increase the job's motivational factors.