What is a lockbox arrangement, and how does its use reduce a firm's float?
What will be an ideal response?
The lockbox arrangement is based on a simple procedure. The firm's customers are instructed to mail their remittance
checks not to company headquarters or regional offices, but to a numbered post office box. The bank that is providing
the lockbox service is authorized to open the box, collect the mail, process the checks, and deposit the checks directly
into the company's account. Such a system speeds up the conversion of receipts into usable funds by reducing both the
mail and processing float of payments.
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A __________ is a completed sale with an option for the buyer to return the goods
A) conditional sale B) contingency sale C) sale or return D) sale on approval
The administrative agency equivalent to a court trial is:
a. a commissioner's hearing b. a Congressional review c. a rulemaking d. a magistrate hearing e. none of the other choices
If ? = 9 and ? = 3 and scores are normally distributed, what is the percentile rank of x = 3?
a. 98th b. 3rd c. 1st d. 2nd
At the end of the month, the adjusting journal entry to record the use of supplies would include a debit to:
A. Supplies and a credit to Supplies Expense. B. Supplies and a credit to Cash. C. Supplies Expense and a credit to Supplies. D. Supplies and a credit to Service Revenue.