The Lake Placid payment record has this issue: owner wires funds to closed account. What administrative control should be applied?
Correct Answer
A) bank information correction
Electronic payment administration should reconcile remittance detail, bank information, and processing fees.
Why This Is the Correct Answer
Electronic payment administration should reconcile remittance detail, bank information, and processing fees.
Why the Other Options Are Wrong
Option B: daily report archive
daily report archive puts the item in the wrong financial bucket, timing, base, or comparison for electronic payment control.
Option C: insurance audit bill
insurance audit bill puts the item in the wrong financial bucket, timing, base, or comparison for electronic payment control.
Option D: fuel card exception
fuel card exception puts the item in the wrong financial bucket, timing, base, or comparison for electronic payment control.
Memory Technique
An unlabeled Accounting Clerk dollar tells the wrong story.
Reference Hint
Open-book path: tab Contractor's Manual, 2025 to Business Administration, Electronic Payment Administration; use the stated business record or control rule to verify the answer.
More Business & Finance Questions
The Cedar Key subcontract closeout file requires 44 final releases, and 31 have been received. How many releases are missing?
A Florida GC prepaid $18,000 for annual insurance and expenses it evenly by month. After 7 months have expired, what prepaid asset remains?
The West Miami system access list starts with 22 active users, adds 4, and removes 7. How many active users should remain?
The Winter Park bank review shows a bank balance of $124,600, book balance of $119,400, and known timing items of $3,200. What unexplained difference remains?
The Riverview bank review shows a bank balance of $87,500, book balance of $90,400, and known timing items of $1,600. What unexplained difference remains?
A Satellite Beach contractor had 4 separations during the quarter and an average headcount of 32. What turnover rate should HR report?
A Winter Park startup budgets monthly overhead of $61,500 and wants a 4-month operating reserve. What reserve should be funded?
A Royal Palm Beach customer account has unpaid approved invoices of $126,000. Company policy requires review when unpaid invoices exceed $100,000. What status applies?
A Wildwood contractor had 9 separations during the quarter and an average headcount of 60. What turnover rate should HR report?
A Clermont field group had 64 absence hours out of 1280 scheduled hours. What absence rate should be reported?