Which of the following would not represent an advantage to using a lockbox arrangement with a bank?
Question:
Which of the following would not represent an advantage to using a lockbox arrangement with a bank?
a. It expedites the receipt of cash and provides earlier access to it.
b. It is less costly than processing the cash receipts internally.
c. It provides additional segregation of duties because the bank handles cash.
d. It reduces the organization’s susceptibility to fraud caused by diverting cash receipts to personal use.
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The correct answer is b It is less costly than processing the cash receipts internally Using a lockb...View the full answer
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