TRUE OR FALSE: IA RECEIVABLE FINANCING 22. If a customer's note is discounted without recourse, the carrying value of note receivable is eliminated from the seller’s book 23. Sale of receivable with resource means that the seller bears responsibility for the transferred asset if it turns out to be defective, and the buyer can seek recourse from the seller. 24. Under assignment as receivable financing approach, it is more specific because a single customer's account can be used as collateral for a loan the company is applying for.

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Credit card

A credit card is provided by financial institutions or banks, which permits a person to borrow money on a preapproved limit for purchases on a credit basis. The credit limit is decided by the institution and bank which issues a credit card depending on the person’s credit score and income. A cardholder can use the card for credit purchases, a balance transfer, cash advances.