One type of accounts receivable system is balance-forward, the other is:
A) debit card system
B) Automated Clearing House system
C) Electronic Funds Transfer system
D) open-item system

Question

Quizplus · Accepted Answer

The balance-forward system simply carries over the previous balance from the previous period, while the open-item system tracks individual invoices and payments, allowing for more accurate and efficient management of the accounts receivable. The other choices (debit card system, Automated Clearing House system, Electronic Funds Transfer system) refer to payment methods and are not related to the system used for managing accounts receivable.

One Type of Accounts Receivable System Is Balance-Forward, the Other