Ask Question
22 December, 04:42

An entity with a large volume of customer remittances by mail could most likely reduce the risk of employee misappropriation of cash by usingA. a bank lockbox system. B. independently prepared mailroom prelists. C daily check summaries. D. employee fidelity bonds.

+5
Answers (1)
  1. 22 December, 08:24
    0
    Answer: Option (a) is correct.

    Explanation:

    A bank lockbox system is a type of service that is provided by the banks to the companies for receiving the payments from customers.

    Under this system, all the payments that is made by the customers are going towards the special post office box.

    Then bank goes to the post box, recovering the payments that is made by the customers and process them, after that banks deposited those payments into the companies bank account.

    A bank communicate to its processing center. And all the documents of remittance are properly scanned, incorporates all the payment information and all the clearing updates are communicated to accounts receivable. The companies lockbox data is restored every night for the secure data storage and easily access-able.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “An entity with a large volume of customer remittances by mail could most likely reduce the risk of employee misappropriation of cash by ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers