What is a line of credit? Give three examples?

Q: Define letter of credit.

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

Q: DEFINE credit policy

A: Credit policy is the set of policies governing a company’s credit sales, outstanding amounts;…

Q: Define the following using your own words and give examples To credit Debit Credit

A: Introduction:- Debit column is on the left and the credit column is on the right. Every transaction…

Q: What are the five C's of credit?

A: BANKS use 5 c's to quantify and decide whether the applicant is eligible to give loan.

Q: What is a creditor

A: Given the following question: What is a creditor?

Q: Why is it important to set a credit limit?

A: Solution:- Given, Credit Limit :- The term credit limit refers to the maximum amount of credit a…

Q: explain two functions of the credit uniom

A: A credit union is established as a not-for-profit organization (NPO). It consists of members who…

Q: What is a credit memo? Why it is used? Give an example?

A: Credit Memorandum: This is a document by the seller for the reduction in the amount owed by the…

Q: What would the credit terms of “2/10, n/EOM” mean?

A:

Q: Define prepaid accounts? Give example?

A: Prepaid account: It is an account which records the prepayment transactions. From the buyer’s point…

Q: Give an example of accounts receivable.

A: The account receivables are also known with the name of debtors. These are the values due to a firm…

Q: What should be in the credit file

A: Following is the contains in credit file

Q: Give a definition of “Receivables”. Give two examples.

A: In accounting, Receivables means amount to be received from outside of the company. It includes…

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: Using the following transactions what is the total debits and credits?

A: Journal entries refer to recording and classyfing business transactions into books of accounts…

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: What is a line of credit? A revolving credit agreement?

A: If a lender offers a revolving loan account, a particular credit cap is allocated to the lender.…

Q: What are receivables credits? Please explain.

A: Receivable refers to the assets of the company created due to sale of goods and service on credit to…

Q: What is the  basic differences between transferable letters of credit and back-to back letters of…

A: These are two types of credit given to businesses.

Q: What are the feature of Receipt and Payment Account?

A: Receipt and Payment Account is a summary of cash Receipts and payments in an accounting period. Not…

Q: Discuss creditworthiness and its relation to the 5 C's of credit.

A: Creditworthiness is the evaluation of one company by another company to determine whether the…

Q: Credit entry in a nominal amount is

A: Credit entry in a nominal account is:- Cash account      Debit  Income and Gains account   Credit

Q: explain the five (5) Cs of Credit.

A: The five (5) Cs credit method is the method used to assess the credit worthiness of the borrower…

Q: Define the term credit revenue.

A: Credit Revenue: When goods or services are sold on credit, they are recorded as revenue, but since…

Q: 9. Documents of credit appraisal for invididual loan?

A: Credit appraisal is the process of assessing the credit worthiness of the loan applicant.

Q: What are the four things that affect your card-based credit costs?

A: A credit score is a number utilized by moneylenders to survey the likelihood of crediting cash to a…

Q: What are the 5 C’s of credit?

A: The 5 C's of credit is used by rhe lender to measure the credit worthiness of potential borrowers.

Q: What is line of credit?

A: Introduction: Usually, the word loan refers to a form of credit facility where a certain amount of…

Q: what is credit

A: Finance refers to the management of money and includes activities like lending, budgeting,…

Q: Define the term accounts receivable?

A:

Q: What are the three classifications of receivables?

A: First of all , let us understand what a Receivable is- In course of runnig business, there are…

Q: What is a revolving credit agreement?

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

Q: "Provide at least one (1) example of each of the three (3) common credit policies."

A: A credit policy comprises standards that regulate the amount of credit extended to consumers as well…

Q: ring is/are categorized as open account credit?

A: Open account credit refers to a pre-approved loan between a lender/retailer and a borrower. This…

Q: What is a credit limit? How does it impact credit utilization (debit-credit ratio) and why is that…

A: Credit Limit :- Credit limit is an limit of spending on an Customer or its the maximum credit can a…

Q: What is a credit memo? When is it used?

A: Credit memo also known as credit memorandum or credit note  Credit memo is issued by the seller of…

Q: What is a credit note

A: Step 1 Credit note as the name depicts it generates some beneficiary status to some third party.

Q: Explain and expand the three sources of credit

A: Sources of credit means the places from where a person can borrow money. Every sources has its own…

Q: Okay credit is between

A: A credit score is a three-digit figure that varies between 300 and 900. The credit reporting…

Consumer Credit Counseling Services

Credit counseling teaches consumers about credit, budgeting, money management, and debt management. The counselor ensures that consumers can pay off their debts without declaring bankruptcy. Counselors also assist the negotiator, who negotiates with creditors on behalf of their clients to reduce interest rates on outstanding debt. Counselors can offer credit counseling to customers before or after they take on debt. Consumer Credit Counseling Services (CCCS) is a non-profit organization that offers credit counseling services. Some organizations can also be for profit. This type of organization comprises a group of professionals who are skilled negotiators.