List three entities that with legitimate reasons could check your credit report.

Q: Define letter of credit.

A: Credit refers to the concept, is defined as the financial agreement where the borrowers receive…

Q: Describe how debits and credits are used to analyse transactions.

A: Debits and credits are used to analyse transactions for changes in accounts made by one business…

Q: Describe the steps involve in the lending or credit process

A: Lending The process involves granting permission to use the money for a specific period of time…

Q: Explain how does the trade credit is offered on open account.

A: Trade credit is the easiest and most important source of short-term finance available to businesses.…

Q: do we need to check   the credit worthiness of credit customers before granting their credit…

A: Giving credit to the business and customers is main earning sources for banks but they need to take…

Q: How do debits and credits work

A: Debit and credit entry are part of double entry book keeping system. This is used to make an entry…

Q: Describe Deposits and Advances from Customers.

A: Accounting:   Accounting is a system, or a process of collecting and organizing economic…

Q: How to record a credit invoice when the business has issued it but has not recorded it

A: Adjusting entries are recorded at the end of the accounting period to maintain the accrual base…

Q: How are sales to customers using credit cards recorded?

A: Net sales means the amount of revenue earned and cost of goods sold means the cost of goods which…

Q: Briefly described the differences between a credit, charger , debit & smart card

A: Credit card is the types of plastic cards which are generally issued by the banks for purchasing…

Q: Compare secured and unsecured credit in your own words. Cite an example for each. You may place your…

A: Credit refers to the amount of money given by the lender to the borrower in return for which the…

Q: Suggest one or two methods that could be used to organize and quickly access personal financial…

A: Personal Financial documents and Records refers to documents related to financial transactions such…

Q: What is a line of credit? Give three examples?

A: Line of credit is the borrowing limit available to a customer by the bank. The customer can borrow…

Q: Explain the recording of transactions in the double-entry system. Discuss the principles of debits…

A: The objective of this question is to understand the double-entry system of accounting, the…

Q: Give an example of consumer credit and explain the process how it is processed from application to…

A: The customer is allowed to ask for credit in case of no availability of funds. The suppliers provide…

Q: credit

A: Credit card can be defined as a payment card where line of credit is provided to the customers. With…

Q: Which of the following documents is issued by a customer to provide information about the  nature of…

A: Every transaction that takes place in a business should be recorded appropriately in the books of…

Q: Explain what important information we can get from each sources of credit information to be able to…

A: Financial organizations seek to reduce the risk of supplying to borrowers by completing a credit…

Q: Which of the following is not a company that can provide you with a look at your credit score? a.…

A: There are three companies given in the question which are working in the credit field: Credit Karma…

Q: Explain what what four steps to be taken in a purchase /account payble process to insure there is…

A: Step 1: Authorization and ApprovalPurchase Requisitions and Orders:Ensure that all purchase…

Q: Define credit standards

A: The set of standards that a firm or bank uses to choose if an advance or credit line is to be…

Q: What is a sale on credit and why it is needed? Give three examples?

A: Sale on Credit: A sale on credit is revenue earned by a company when it sells goods and allows the…

Q: Where i can used credit union

A: Whenever a group of people collect deposits and use those deposits to give loans, it is known as…

Q: What is open-end credit and give and example

A: Open-end credit is a type of loan which is approved between the borrower and the financial…

Q: A company that provides a service or product to a customer on credit has an __________ from that…

A: A goods or service sold on credit is treated as assets of the business as these are customer…

Q: rms: credit transfer, dishonoured cheque, standing order and give examples, the purposes, advantage

A: Credit transfer can refer to: The transfer of money from one account to another, also called a wire…

Q: online payment method

A: Payment refers to the money transferred in exchange for goods or services decided or agreed upon…

Q: Is it a credit memo issued by a vendor or a debit memo issued by a purchaser? What's the difference?

A: The difference will be explained:

Q: Discuss, in general, what it means for the brothersto set a credit and collections policy

A: Answer: Credit and collection policy refers to the laws and regulations of the company governing the…

Q: Can you allow credit period for an unknown customer based on the report of a credit rating agency?

A: A credit rating agency report may provide some information that could be used to assess the risk of…

Q: According to the Revenue Cycle Flowcharting Process, the "Pure Credit Sales" portion of the credit…

A:

Q: One article  regarding  "Credit Transaction" issues and how it was resolved. Make a comment about…

A: To charge whatever they wish for credit. Usury laws set up a greatest pace of legitimate interest.…

Q: What are the four elements of a credit policy? Briefly explain.

A: Following are the four elements of a credit policy: Credit standards: Consider potential clients by…

Q: explain what is Trade credit with a comprehensive example.

A: Trade credit is a type of commercial financing in which a customer is allowed to purchase goods or…

Q: What are the main definitions of credit facilitation, billing and invoicing, remittance processing,…

A: Credit facilitation-Credit facilitator refers to a person in the CFP Online System who is designated…

Q: how is credit check in advance technology is different from credit check in basic technology

A:

Q: What section of FASB provide guidance on referral credit paid to customers?

A: FASB stands for "Financial Accounting Standards Board , which was established in the year 1973.It is…

Q: Discuss 5 areas in life where your credit score could be checked and thus impact the purchase/event

A: Credit score is a number ranging between  300 to 850 . Credit score of  300 indicates poor rating…

Q: Give an explanation  - and use an example - of why we may need to convert an Account Receivable to a…

A: Accounts receivable: Accounts receivable is the amount owed by the customers to the company for the…

Q: In Tally, Vouchers serve as a medium to record an entry of any transaction or event and it’s posting…

A: Voucher A voucher is a document that contains details of a monetary dealings and is needed for…

Q: What are credit memos and debit memos?

A: SOLUTION- INVOICE IS A DOCUMENT SUBMITTED TO A CUSTOMER , IDENTIFYING A TRANSACTION FOR WHICH THE…

Q: Explain, on what criteria or by what internal controls in place, where Billing could be responsible…

A: It is the process followed by the organization in order to ensure the reliability of the financial…

Q: Explain whati mportant information we can get from each sources of credit information to be able to…

A: The answer is given below: