Question
Which statement best describes the nature of financial electronic data interchange (FEDI)? It is the combination of remittance data and funds transfer instructions included in
Which statement best describes the nature of financial electronic data interchange (FEDI)?
| It is the combination of remittance data and funds transfer instructions included in one electronic package to the bank. | ||
| It is a lockbox arrangement in which the bank electronically sends the customer account number and amount remitted as soon as payment is received. | ||
| It is the transfer of funds through the use of online banking software. | ||
| It is a document listing the names, amounts, and account numbers of all customer payments received in the mail. |
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Auditing Cases An Active Learning Approach
Authors: Mark S. Beasley, Frank A. Buckless, Steven M. Glover, Douglas F. Prawitt
2nd Edition
0130674842, 978-0130674845
