Which one of the following will decrease a firm's collection time? Select one: a. Having payments...
Which one of the following will decrease a firm's collection time?
Select one:
a. Having payments from all locations mailed directly to the head office rather than to local post office boxes.
b. Recording payments to customer accounts before depositing the cheques.
c. Encouraging customers to use debit cards rather than cheques.
d. Assigning a single employee to open the mail and prepare the deposits rather than using a team approach.
Homework Answers
Option (c) is correct
Encouraging customers to use debit cards rather than cheques will decrease a firm's collection time because with debit cards, the payment can be made instantly rather than waiting for the cheques to get cleared.
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Which one of the following will decrease a firm's
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