What is a lockbox system for collecting accounts receivable, and how can it reduce a firm's collection float?
What will be an ideal response?
Answer: A lockbox is a post office box at a central post office near a firm's bank. Payments are sent to the post office box, and a bank employee picks up the checks from the P.O. box and immediately begins the process of clearing the checks. This eliminates the extra time involved if the firm receives the checks directly, processes them through accounts receivable, and then physically transfers the checks to the bank. This is a long-standing process that has been improved upon through electronic banking, which also eliminates "snail mail" from the payment process.
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Answer the following statement(s) true (T) or false (F)
1. Employee development is the process of teaching employees the skills necessary to perform the present job only. 2. Management games and case studies are frequently used to develop decision-making skills. 3. Training and development are basically the same thing. 4. Effective orientation results in lower turnover rates. 5. With job rotation, employees are trained to perform different jobs.
One of the two purposes of laws governing businesses in the United States is to make sure that businesses compete fairly with each other
Indicate whether the statement is true or false