1All of the following statements are false, except: In a post-billing system, in
ID: 2415675 • Letter: 1
Question
1All of the following statements are false, except:
In a post-billing system, invoices are prepared upon acceptance of the customer order.
In the Order Entry and Sales process, customer credit check is a control plan that ensures that the organization protects its resources by dealing only with customers who have demonstrated an ability to satisfy their liabilities.
None of these answers are correct.
In the Order Entry and Sales process, one-for-one checking is a control plan that simplifies the data entry process, and may prevent the customer service representative from omitting data, to fill in certain fields, and reject incorrectly formatted fields to reduce input errors.
The accounts receivable master data is created as sales returns, bad debt write-offs, estimated doubtful accounts, or similar adjustments are processed.
Question 2 of 12
Which of the following statements is false?
An overall management objective is to minimize the time from the beginning of the selling process to the end of the cash collection process.
A form of fraud in which the payments made by one customer are systematically applied to the account of another is called lapping.
The technology that allows information on documents to be converted into machine-readable data through a scanner is called OCR.
None of these answers are correct.
The cash receipts process can be accelerated by using the ACH network because it is a batch process.
Question 3 of 12
Which of the following statements is false?
The check and remittance advice trigger the receive payment process.
From the standpoint of reducing the collector's float, a customer check is a better payment method than a debit card.
Good funds are funds on deposit and available for use.
None of these answers are correct.
A bank lockbox provides more protection for cash than a system where cash receipts are mailed to the payee company and then deposited.
Question 4 of 12
Which of the following statements is true?
In a pre-billing system, invoices are prepared after the goods have been shipped and the sales order notification has been matched to the shipping's billing notification.
Of the two types of billing systems discussed in the text, the pre-billing system is appropriate in situations where there is a significant delay between acceptance of the customer's order and the subsequent shipment.
In a post-billing system, invoices are prepared upon acceptance of the customer order.
None of these answers are correct.
Of the two types of billing systems discussed in the text, the pre-billing system requires the more accurate inventory records.
Question 5 of 12
All of the following are part of the horizontal information flows of the B/AR/CR process except:
Accounts receivable aging report
Customer payment
Customer invoice
None of these answers are correct
Bank deposit
Explanation / Answer
1 of 12 Following Statement is correct
In the Order Entry and Sales process, one-for-one checking is a control plan that simplifies the data entry process, and may prevent the customer service representative from omitting data, to fill in certain fields, and reject incorrectly formatted fields to reduce input errors.
2 of 12 Following statement is false
The cash receipts process can be accelerated by using the ACH network because it is a batch process.
It is a EFT Process
3 of 12
From the standpoint of reducing the collector's float, a customer check is a better payment method than a debit card.
4 of 12
Of the two types of billing systems discussed in the text, the pre-billing system is appropriate in situations where there is a significant delay between acceptance of the customer's order and the subsequent shipment.
5 of 12
Accounts receivable aging report
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