Upon successful completion of this course, participants will be able to:

• State the purpose of responsibility reporting.
• List an item that is not important for properly managing margin reports.
• Cite a limitation of variance analysis.
• Name a common line item in a flash report.
• Define the variance where volume variance relates to the use of direct labor.
• Calculate selling price variance.
• Specify a possible cause of an unfavorable sales volume variance.
• Cite the importance of the value date.
• Define a lockbox network.
• Identify the kind of information required by automatic cash application.
• Define the mechanism that keeps cash application from delaying daily bank deposits.
• List an advantage of a bank lockbox and an alternative to using it.
• Specify a characteristic of remote deposit capture.
• Name something not accomplished through an online payment app.
• List an advantage of converting a receivable into a promissory note.
• Specify the purpose of the COD roll.
• Name a way to reduce the cost of using attorney letters.
• Define the grace period in collections.
• Identify what A-B testing helps to design.
• Cite a characteristic of a postdated check.
• Specify when the promissory note approach and filing in small claims court are best used in collections.
• Define a payroll cycle.
• Identify when employees are paid in a biweekly payroll system and in a semimonthly payroll system and a key difference between the two systems.
• Name a timekeeping solution for an hourly employee who nearly always works 40 hours a week.
• Choose an action that will not help protect the confidentiality of payroll information.