The use of automatic pre-authorized monthly bill payment
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 indeed a form of electronic funds transfer (EFT), which allows for the electronic movement of money from one account to another without the need for physical checks or cash transactions.

The Use of Automatic Pre-Authorized Monthly Bill Payment