Which of the following statements about an electronic funds transfer (EFT) is false?Multiple ChoiceEFT are checks written by the depositor, subtracted on the depositor's books, and sent to the payee but not yet turned in for payment at thebank statement date.Companies are increasingly using EFT because of its convenience and low cost.Payroll, rent, utilities, insurance, and interest payments are usually done by EFT.EFT is the electronic transfer of cash from one party to another.Cash receipts by EFT are listed with deposits and other additions.▬▬Q Search< Prev5 of 10HINext >#tB5

EFT stands for Electronic Funds Transfer. It is a computer-based system that enables the transfer of…

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Business

Accounting

oice EFT are checks written by the dep bank statement date.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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Concept explainers

Management Information Systems

While undertaking any business decisions, data is the most important aspect. An information system (IS) is a set of data, computing devices and management methods that support routine company operations. A management information system (MIS) is a specific subset of IS.

Question

Which of the following statements about an electronic funds transfer (EFT) is false?
Multiple Choice
EFT are checks written by the depositor, subtracted on the depositor's books, and sent to the payee but not yet turned in for payment at the
bank statement date.
Companies are increasingly using EFT because of its convenience and low cost.
Payroll, rent, utilities, insurance, and interest payments are usually done by EFT.
EFT is the electronic transfer of cash from one party to another.
Cash receipts by EFT are listed with deposits and other additions.
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