IMG_7339

Question 9 Which one of the following accounts appears on the credit side of a pre-adjustment trial balance? Select one: a. Fixed deposit b. Interest on loan c. Bank overdraft d. Debtors control

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Introduction to business

________________1. This is the criterion to determine whether the transfer is accounted for as borrowing._______________ 2. What account to debit if the company pays a delinquent notes receivable that was previously discounted._______________ 3. What account to credit if the customer’s notes receivable become delinquent and was not previously discounted.

21. Open account credit is a credit facility offered by retailers or financial institutions which allow the customers to borrow up a pre-determined amount to pay for purchases. Which of the following is/are categorized as open account credit? i. Credit card ii. Personal loan iii. Car loan iv. Overdraft A. i and ii B. i and iv C. i, ii and i D. All of the above

21. Open account credit is a credit facility offered by retailers or financial institutions which allow the customers to borrow up a pre-determined amount to pay for purchases. Which of the following is/are categorized as open account credit? i. Credit card ii. Personal loan iii. Car loan iv. Overdraft

A6 What are the advantages and disadvantages of using the following Allowance for Expected Credit Losses (AECL) estimates?   1) AECL based of 3rd party credit ratings and Aging of accounts receivab   2) AECL based on Customer Response Score (CR   3) AECL based on write-off history and regionS)le

Activity I. Multiple Choice Directions: Choose and encircle the letter of the correct answer from the options given in each item. 1. It is issued by bank to the depositor which can be used to withdraw cash anytime. a. ATM card c. Personal Check d. Withdrawal Slip b. Passbook 2. What is the amount of money required to keep your bank account open? a. Maximum Balance c. Minimum Deposit

Question 5 Age Credit Score Decision 25 40 38 30 35 30 30 85 Y 40 45 Y 42 50 Y 45 55 Y Consider the credibility data used by a bank to decide whether to approve a credit card application shown in the table Given an unknown applicant whose age is 30 and having a credit score of 65, Nearest neighbor is used to predict whether the application will be approved Which of the following isfare TRUE? You can choose more than one answers Select one or more answer OUsing k= 1, the decision would be to accept the applicant DUsing k=2, the decision would be to reject the applicant DUsing k=3, the decision would be to accept the applicant DUsing k=5 the decision would be to reject the applicant !!

Question 7 Select the item that would be only a soft inquiry on your credit report. A a car dealer checking your credit history to see if you could be approved for a loan a bank checking your credit history for a mortgage that you applied for a credit card company that you applied to looking at your credit history checking your own credit score on a legitimate website

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MULTIPLE CHOICE What is the effect of the following situations on the cost of accounts receivable financing? (A) A more thorough credit check is undertaken. (B) Receivables are sold without recourse.  A. (A) Increase; (B) DecreaseB. (A) Decrease; (B) IncreaseC. (A) Decrease; (B) DecreaseD. (A) Increase; (B) IncreaseE. (A) Increase; (B) No effect

Please answer properly

Prepayment of loans may be initiated by a. bank regulators b. bank auditors c. the central bank d. borrowers and lenders   If a bank has a return on assets of 1% and a ratio of equity to assets of 5%, its return on equity will be: a. 20% b. none of the above. c. 25% d. 5%   The principal distinction between a credit card and a debit card is that a. credit cards may be used to buy goods and services b. debit cards are used in lieu of check overdrafts c. debit cards do not extend beyond the bank balance d. credit cards are made of plastic and have customer information imbedded on a magnetic strip   Written loan policies should contain a. information about credit limits b. information about insider borrowing c. all of the above d. information about loan supervision

10-Interest on sales made through credit card is recorded as. a. Dr Sales Cr Interest b. Dr Account receivable Cr Interest c. Dr Interest Cr Account receivable d. Dr Interest Cr Sales

Multiple Choice Questions Which of the following items decreases the balance in the accounts receivable?   Cash paid to creditors Discounts received Credit sales discount allowed

#45 A type of short-term loan where the borrower sells its accounts receivables to the lender at a discount to face value is called: a bond. a compensating balance. a letter of credit. an assignment. factoring.

The credit memoranda creates a(n) __ in the accounts receivable file of a customer. A. note decline (B) Transfer (C) D. Intensify.

Direction: Match the following bank accounts to its usage or description listed below. Write your answer on the blank before the number. Choose from the following      Savings Account       Current Account       Time Deposit           UITF   _________________1. The simplest form of bank account. _________________2. A bank account which cannot be withdrawn until the contract period has ended. _________________3. It is a type of bank account that pooled funds managed by experts to ensure high yield and quality returns. _________________4. It allows a limited number of withdrawals only. _________________5. It makes saving very rewarding. _________________6. It allows numerous withdrawals with a large sum of money. _________________7. The investors earn through the increase in fair value of the pooled fund. _________________8. The investors earn through interest while saving. _________________9.  This bank account comes with atm or passbook. ________________10. This is evidence by a…

ah- ELearning The proper treatment of outstanding cheques Is to report them in the bank reconcilation as which of the following? o a. An addition to the balance as per cash book O b. A deduction from the balance as per bank statement O C. An addition to the balance as per bank statement o d. A deduction from the balance as per cash book A OMR 40,000, interest-bearing notes payable is signed on December 26, 2002. If the note is a 120-day note, what is the maturity date for this short term liability? of O a. April 26 O b. March 25 O c. March 26 O d. April 25 5. Oman Air purchased aeroplane for OMR 200,000, on July 1, 2015. The company expects the service life of the airplane to be 5 years. During that time, it is expected that the aeroplane's useful life will be 40,000 hours. The anticipated salvage value is OMR 10,000. The aeroplane is disposed of after five years of use. Calculate the book value of aeroplane as on 31-12-2017? Use declining-balance depreciation method of charging…

30.The process of selling a promissory note to a bank at any time before maturity is known as _____ a note. a.discounting b.lending c.maturing d.investing

Simple interest applies when interest is earned _____________. a. on interest b. in a serious of payments c. to a checking account d. only once before a payment

What account is credited when you record a credit memo for uncollectable receivables? A. Accounts receivable B. Checking C. Bad Debt D. Accounts Payable

A credit report keeps track of money you borrow from banks, credit card companies, and other lenders. O True O False

1. This is the criterion to determine whether the transfer is accounted for as borrowing._______________ 2. What account to debit if the company pays a delinquent notes receivable that was previously discounted._______________ 3. What account to credit if the customer’s notes receivable become delinquent and was not previously discounted._______________ 4. When accounts receivable is factored, the accounts payable shall be credited. True or False?_______________ 5. The interest on a non-interest bearing note is equal to its discount amount._______________ 6. The practice of realizing cash from accounts receivable before its maturity date is widespread. Defalcation is one of them. True or False?_______________ 7. A 120-day, 10% interest-bearing note receivable is sold to a bank with recourse after being held for 60 days. The proceeds are calculated using an 8% interest rate. In this situation, what happened to the notes receivable?_______________ 8. On January 1, an entity received a…

help me answer no. 3 and 4

4. A note receivable bearing a reasonable interest rate is sold to a bank with recourse. The note receivable discounted account was appropriately credited. The note receivable discounted account should be reported as a. contra asset account for the proceeds from the discounting transaction b. contra asset account for the face amount fo the note receivable c. liability account for the proceeds from the discounting transaction d. liability account for the face amount of the note