Revenue Control and Payment Systems Flashcards
7 cards from real CPA practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 7 Revenue Control and Payment Systems flashcards as text
What is the primary purpose of a Parking Access and Revenue Control System (PARCS)?
Answer: To automate entry/exit control and accurately track parking revenue
PARCS automates gate entry and exit, issues tickets, processes payments, and tracks all revenue, providing an integrated solution for parking facility management.
When a customer claims to have lost their parking ticket, what is the standard procedure a parking attendant should follow?
Answer: Charge the customer the maximum daily or lost-ticket rate as per facility policy
Facility policy typically requires charging a lost-ticket rate (usually the maximum daily rate) to prevent ticket fraud and protect revenue integrity.
What does the term 'revenue shrinkage' refer to in parking operations?
Answer: Loss of revenue due to theft, error, or fraud
Revenue shrinkage is the gap between the revenue a facility should collect and what is actually collected, typically caused by theft, attendant error, or fraudulent activity.
Which practice best protects parking revenue when an attendant handles cash transactions?
Answer: Counting change back to the customer and placing payment directly in the drawer
Counting change back to customers and placing money directly in the drawer reduces errors and minimizes the opportunity for theft or disputes.
What is a 'pay-on-foot' (POF) station in a parking facility?
Answer: A self-service kiosk where customers pay before returning to their vehicle to exit
A pay-on-foot station is an automated kiosk that allows customers to pay for their parking before walking back to their car, pre-staging the exit transaction.
What is the purpose of a cashier's starting bank (float) in a parking booth?
Answer: To provide change for customers at the start of a shift
A starting bank, or float, is a set amount of cash given to an attendant at shift start so they have sufficient funds to make change for customers paying with larger bills.
At the end of a shift, how should a parking attendant handle cash reconciliation?
Answer: Count total cash, subtract the starting bank, and compare net collections against ticket records
Proper end-of-shift reconciliation requires netting out the starting float and comparing cash collected to ticket records to identify any variance or discrepancy.