A system of handling cash receipts by mail whereby customers send checks in payment of their accounts directly to a post office box controlled by a bank is a(n):
A)imprest system.
B)lock-box system.
C)phishing system.
D)online banking system.

Question

Quizplus · Accepted Answer

The lock-box system is a system of handling cash receipts by mail whereby customers send checks in payment of their accounts directly to a post office box controlled by a bank.

A System of Handling Cash Receipts by Mail Whereby Customers