There Are Pros and Cons of Accepting Credit and Debit

question 63

Multiple Choice

There are pros and cons of accepting credit and debit cards for payment in the medical practice.Match the description to either a "pro" or "con." Note: Answers may be used more than once.
-​Because the debit process is similar to a cash transaction,the fees that a business pays on debit transaction are smaller than credit card or check fees

• A)​pro
• B)​con

Know the differences in reporting standards and practices under U.S. GAAP and IFRS, especially in terms of liquidity and balance sheet ordering.

Understand how the cash flow statement relates to changes in the balance sheet and the importance of investing activities.

Assess the significance of related party transactions and subsequent events in financial reporting.

Understand the concept and application of special order pricing to increase net income.

---

Definitions:

Variable Cost

Costs that vary directly with the level of production or with the volume of output.

Fixed Cost

Expenses that do not change with the level of production or sales volume, such as rent, salaries, and insurance premiums.

Contribution Margin Technique

A method used to evaluate how sales affect net income or profits, calculated as sales revenue minus variable costs.

Net Income (Loss)

The total profit or loss a company generates in a specific period after all expenses, taxes, and costs have been deducted from total revenue.