One of the Following Statements Is True About Credit Cards

question 15

Multiple Choice

One of the following statements is true about credit cards -

• A) set up cards used and accepted from the company settings
• B) set up cards used from the payables ledger settings
• C) set up cards accepted from the receivables ledger settings
• D) both b and c are correct

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Definitions:

Other Receivables

Financial claims against entities other than customers, which might include tax refunds, interest due, and insurance claims.

Noncurrent Assets

Noncurrent assets are long-term assets that are not expected to be converted into cash or used up within one year, including property, plant, and equipment.

Current Assets

Cash and other assets that are expected to be converted to cash or sold or used up, usually within one year or less, through the normal operations of the business.

Other Receivable

An accounting term for amounts due to a company that are not from typical sales transactions, possibly including loans to employees or other companies.