____ Are Not a Type of Open Account Credit

question 174

Multiple Choice

____ are not a type of open account credit.

• A) Retail charge cards
• B) 30-day charge accounts
• C) Travel and entertainment cards
• D) Bank credit cards
• E) Bank debit cards

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Definitions:

Journal Entries

Records of financial transactions in the double-entry bookkeeping system, showing debits and credits made in accounts to maintain the ledger.

Available-For-Sale Investments

Financial assets not classified as held-to-maturity or trading securities, which can be sold in the financial markets.

Unrealized Gain

The increase in the value of an investment that has not been sold yet, and thus, the gain is not yet realized as actual income.

Adjusting Entry

An accounting transaction recorded at the end of a financial period to adjust account balances in the ledgers.