Some companies use automated payment processing technology in which paper checks that may arrive at a lockbox are converted into electronic payments then the check itself is destroyed. This process is referred to as
A) internal control over payments.
B) Check 21.
C) accounts receivable conversion.
D) electronic funds transfer.

Question

Quizplus · Accepted Answer

Accounts receivable conversion is the process of converting paper checks into electronic payments, which is what is described in the scenario.

Some Companies Use Automated Payment Processing Technology in Which Paper