A system of handling cash receipts by mail whereby customers remit payments directly to the bank, rather than through the company's mail is a(n):
A) imprest system.
B) lock-box system.
C) phishing system.
D) online banking system.

Question

Quizplus · Accepted Answer

The system described is a lock-box system, in which customers send their payments directly to a bank-operated post office box, bypassing the company's mail system. This can speed up the processing of payments and reduce the risk of theft or misplacement of cash receipts. The other options - imprest system, phishing system, and online banking system - are different methods of handling cash or electronic payments, but are not directly related to the handling of mail payments.

A System of Handling Cash Receipts by Mail Whereby Customers