The best way to maintain your credit rating is to A. use credit sparingly. B. pay cash for your purchases. C. repay your debts on time. D. declare a Chapter 7 bankruptcy. E. use as many credit cards as you can.
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- 1. The way to build good credit is to: A. Secure a credit card, but never use it B. Pay off the credit card in full, each month C. Purchase unnecessary items D. All of these 2. Credit reports: A. Only report credit history under your current name B. Only report payments that were made on time C. Can only be secured without your permission D. Show any liens, foreclosures, or bankruptcies 3. Money coming in is called: A. Gross amount B. Expense C. Income D. All of these E. None of theseWhich one of the following statements concerning bad debt expenses is correct? Select one: a. When you write off an accounts receivable, you debit bad debt expense and credit accounts receivable. b. You record bad debt expense when individual accounts receivable becomes uncollectible. c. Under the percentage of receivables method, bad debt expense is the year-end receivables multiplied by the % of uncollectible accounts. d. When the allowance method is used, bad debt expense is recorded before the accounts are written off.1Which one of the following source documents will be used to make an entry in the debtors journal (a)Original credit note; (b)Original credit invoice; (c)Duplicate credit invoice; d)Duplicate credit note .Q.1.2Which oneof the following transactions,listed below, (a)The business receivesinterest on the bank account; (b)Money received from a debtor making a payment on his/her account; (c)The business donates money to underprivileged children; (d)The business receivesrental money from a tenant. Q.1.3Which journal will the following transaction be entered , “and paid from petty cash, R85 (a)Cashbook Payments; (b)Petty Cash Journal ;(c)Cashbook Payments/Petty cash Journal; (d)GeneralJournal.
- You have just received notice that a customer of yours with an account receivable balance of $100 has gone bankrupt and will not make any future payments. Assuming you use the allowance method, the entry you make is to debit Allowance for Doubtful Accounts and credit Bad Debt Expense. debit Bad Debt Expense and credit Allowance for Doubtful Accounts. debit Allowance for Doubtful Accounts and credit Accounts Receivable. debit Bad Debt Expense and credit Accounts Receivable.Which statement about credit cards is true? a) A credit card company charges high interest rates on balances not paid off each month. b) A credit card company allows you to use money from your savings account. c) A credit card company allows you to payback money when you can d) A credit card takes money directly out of your checking accountQuestion: Which of the following is not a control over debtors? a. investigation the credit worthiness of each other. b. sending out regular statements. c. monitoring all overdue accounts. d. paying within discount period. required: please answer this question by choosing the right options.
- When a customer is delinquent on paying a notes receivable, your company has the option to continue to attempt collection or sell the debt to a collection agency. Research the benefits and challenges with each of these options and in a short essay, answer the following questions. A. What are the benefits and challenges of continuing to attempt collection yourself? B. What are the benefits and challenges of selling debt to a collection agency? C. If you had a dishonored notes receivable, which option would you select and why? D. Would you weight certain benefits or challenges differently when making your selection? How?Which of the following statements is correct about credit period? A. If a customer purchases goods within the credit period, a cash discount will be allowed to the customer B. If a customer settles the payment within the credit period, a cash discount will be allowed to the customer C. It refers to the period in which customers must settle their debts due D. It refers to the period in which customers need to settle one-third of the debts in order to avoid further interests chargedWhen a customer is delinquent on paying a notes receivable, your company has the option to continue to attempt collection or sell the debt to a collection agency. Research the benefits and challenges with each of these options and in a short essay, answer the following questions. Required part B What are the benefits and challenges of continuing to attempt collection yourself? What are the benefits and challenges of selling debt to a collection agency? If you had a dishonored notes receivable, which option would you select and why? Would you weight certain benefits or challenges differently when making your selection? How?
- Show how each of the following would initially affect a bank’s assets liabilities. Someone makes $1000 deposit into a checking account. A bank makes a loan of $1000 by establishing a checking account for $1000 The loan described in part (B) is spent. A bank must write off a loan because the borrower defaults.which of the following source of finance allows the holders to withdraw more than their balance ? a. Commercial Paper b. Bank Overdraft c. Credit card d. cash creditA lender that makes a loan to an individual whose only income is commission based and who hasn't made a sale in six weeks may be violating which of the 6 C's of lending? O Character O Capacity O Cash Control