A Customer Has Sixty Days from the Date of Receipt

question 7

True/False

A customer has sixty days from the date of receipt of a statement of an electronic transfer to notify the financial institution of any er?rors.

---

Definitions:

Collusion

A secret agreement between two or more parties for a deceitful, illegal, or fraudulent purpose to deceive others.

Prescribed Controls

Specific procedures and policies implemented by a company to safeguard its assets, ensure accurate financial reporting, and comply with laws and regulations.

Petty Cash Fund

A small amount of cash on hand used for paying expenses too small to merit writing a check.

Bank Checking Account

A bank account that allows for easy access to funds through checks, debit cards, and electronic transfers, used for managing daily transactions.