The use of automatic pre-authorized monthly bill payments
A) has declined significantly in Canada over the past several years.
B) reduces the effectiveness of an organization's internal control system.
C) is a form of electronic funds transfer.
D) substantially increases the amount of paperwork required by the accounting department.

Question

Quizplus · Accepted Answer

Automatic pre-authorized monthly bill payments are a form of electronic funds transfer, where funds are automatically transferred from one bank account to another at regular intervals.

The Use of Automatic Pre-Authorized Monthly Bill Payments