At the end of each business day,Safe Company sends its bank a list of all checks written during the day,including the check number,payee,and amount.When a check is sent to the bank for payment,the bank compares the payee and the amount with the list provided by Safe Company.This system is called
A) Paychex.
B) Pay-as-you-go.
C) Positive pay.
D) Pay master.

Question

Quizplus · Accepted Answer

The system described is called Positive pay, where the company sends a list of all checks written to the bank and the bank compares the payee and amount with the list provided by the company before making any payments. This helps prevent fraudulent or unauthorized checks from being cashed. Option A is a payroll processing company, option B refers to a type of tax collection, and option D is a job title for someone responsible for payroll processing.

At the End of Each Business Day,Safe Company Sends Its