A Lockbox System

question 28

Multiple Choice

A lockbox system:

• A)entails the use of a bank which is centrally located to collect payments on a nationwide basis.
• B)is designed to deposit a customer's check into the firm's bank account prior to recording the receipt of that check to a customer's account.
• C)is used to reduce the disbursement float of a firm.
• D)is efficient regardless of the locations selected for lockbox destinations.
• E)automatically records payments to a customer's account when the customer's check is received at the lockbox location.

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