To minimize collection float, a firm should do which of the following?I. Deposit its collections at least dailyII. Make sure all checks it receives at the sales counter are properly dated and signedIII. Pay its bills in a more timely mannerIV. Eliminate its regional lockboxes and have only one central lockbox located near the firm's home office A. I and II only B. III and IV only C. II, III, and IV only D. I, II, and III only E. I, II, III, and IV
To minimize collection float, a firm should do which of the following?I. Deposit its collections at least dailyII. Make sure all checks it receives at the sales counter are properly dated and signedIII. Pay its bills in a more timely mannerIV. Eliminate its regional lockboxes and have only one central lockbox located near the firm's home office A. I and II only B. III and IV only C. II, III, and IV only D. I, II, and III only E. I, II, III, and IV
Chapter8: Fraud, Internal Controls, And Cash
Section: Chapter Questions
Problem 5MC: There are several elements to internal controls. Which of the following would not address the issue...
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Question
To minimize collection float, a firm should do which of the following?
I. Deposit its collections at least daily
II. Make sure all checks it receives at the sales counter are properly dated and signed
III. Pay its bills in a more timely manner
IV. Eliminate its regional lockboxes and have only one central lockbox located near the firm's home office
A. |
I and II only |
B. |
III and IV only |
C. |
II, III, and IV only |
D. |
I, II, and III only |
E. |
I, II, III, and IV |
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