Question
1a. Authorization Functions Which of the following pairs of departments in the revenue cycle are primarily authorization functions? Multiple Choice: a. Credit Department and Shipping
1a. Authorization Functions
Which of the following pairs of departments in the revenue cycle are primarily authorization functions?
Multiple Choice:
a. Credit Department and Shipping
b. Sales Department and the Credit Department
c. Sales Department and Accounts Receivable
1b. Use of a Lockbox
Veronica Products directs its customers to mail all payments to a P.O. box that is an address for a lockbox:
Which of the following risks is reduced by the use of a lockbox?
Multiple Choice:
a. Goods shipped will not be billed and collected in a timely manner
b. Employees of Veronica Products will steal cash receipts from customers
c. Credit memos will be issued to cover up thefts of cash receipts from customers
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