Making payments on time is part of (a. payment history b. amount owed c. length of credit history d. new credit e. new mix) portion of a credit score and is (a. 35% b. 30% c. 15% d. 10% ) of the score. Having no late payments makes your credit score go ( a. up b. down ) .
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Making payments on time is part of (a. payment history b. amount owed c. length of credit history d. new credit e. new mix) portion of a credit score and is (a. 35% b. 30% c. 15% d. 10% ) of the score. Having no late payments makes your credit score go ( a. up b. down ) .
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- When writing off a customer's account using the allowance method: A. Bad Debts Expense is increased with a debit B. The customer's account is decreased with a debit C. The Allowance for Bad Debts account is decreased with a debit D. Bad Debts Expense is increased with a creditA good credit rating would be based on all the following criteria EXCEPT whether you a. have a record of paying what you owe on time. b. have little or no current debt. c. use credit for regular expenses. d. can afford to take on more credit. e. have used credit appropriately in the past.a) Calculate Kopitiam Sdn Bud’s accounts receivable turnover ratio for Year 2 and Year 3. b) Calculate the number of days the average balance of receivables is outstanding before being converted into cash (turnover in days) for Year 2 and Year 3 c) What problem do you see with the company’s credit policy if the terms are net 30 days? Explain your answer.
- What is the journal entry to record the amount of returns inward? Select one: A. Debit Returns inwards MYR 3,000Credit Accounts receivable MYR 3,000 B. Debit Bad debts MYR 1,000Credit Returns inwards MYR 1,000 C. Debit Accounts receivable MYR 3,000Credit Returns inwards MYR 3,000 D. Debit Returns inwards MYR 3,000Credit Bad debts MYR 3,000From pages 5-1 and 5-3 of the LVN, match the term with its explanation. Put the answers in the right order *The amount of the A/R expected to be collected. * The cost of credit * The amount of the A/R not expected to be collected. * The account recognized when credit sales are recorded. Net Accounts Receivable______ Allowance for Uncollectible Accounts_______ Bad debt expense______ Accounts Receivable______A company sells on credit terms of 2/10, n/30 and has days’ sales in accounts receivableof 30.2 days. Its days’ sales outstanding isa. too low.b. too high.c. about right.d. not able to be evaluated from the datagiven.
- The business made a sale of OMR 21000 ( cost was OR 18000), on credit basis. The effect on Account Receivable will be : Select one: a. Account Receivable will decrease by OMR 18000 b. Account Receivable will increase by OMR 21000 c. Account Receivable will decrease by OMR 21000 d. Account Receivable will increase by OMR 18000You have 3 accounts: Account A has a $100 balance and a $300 credit limit. Account B has a $100 balance and a $500 credit limit. Account C has a $600 balance and a $1000 credit limit. What are your total balances owed?A) Find the average daily balance B) Find the monthly finance charge C) Find the account balance fot the next billing
- 1. Interest paid on interest invested is called _____ interest.? 2. In the ______ , a balance is calculated at the end of each day, incorporating any purchases, credits, or payments that were made that day.? 3. If you deposit a sum of money P in a savings account or if you borrow a sum of money P from a lender, then P is referred to as the ______? 4. ____a debt means that the debt is retired in a given length of time by equal periodic payments that include compound interest.? 5. An _____ is a sequence of equal period payments. If payments are made at the end of each time interval, the annuity is called an _______? 6. The ____ of an annuity is the sum of all payments plus all interest earned? 7. The frequency that interest is computed and added to the balance is called the ____. The rate per compounding period is found by _____?.Accounts Receivable has a balance of $31,000, and the Allowance for Bad Debts has a credit balance of $3,500. The allowance method is used. What is the net realizable value of Accounts Receivable before and after a $2,000 account receivable is written off? A. $27,500; $27,500 B. $25,500; $25,500 C. $27,500; $25,500 D. $25,500;$29,500Which of the following applications of the rules of debit and credit is true?a) Increase rent expense with debits and the normal balance is a debit.b) Decrease accounts receivable with credits and the normal balance is a credit.c) Increase accounts payable with credits and the normal balance is a debit.d) Decrease cash with debits and the normal balance is a credit.