Accounting: Tools for Business Decision Making, 5th Edition

Published by Wiley
ISBN 10: 1118128168
ISBN 13: 978-1-11812-816-9

Chapter 7 - Fraud, Internal Control, and Cash - Questions: 21

Answer

Electronic funds transfer (EFT) procedure is a system that uses wire, telephone or computers to transfer cash balance from one location or one account to other location / account.

Work Step by Step

This is a better system for internal control, as no cash or checks are handled by company employees.
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