________ Elements Appear on the Balance Sheet

question 79

Multiple Choice

________ elements appear on the balance sheet.

• A) Period-of-time
• B) Point-in-time
• C) Piece-of-time
• D) Phase-in-time

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Definitions:

Debit Card

A card that acts like an electronic check and is not a credit or charge card; with each purchase, the amount is deducted from a checking account; purchases may not exceed the balance in the account.

Charge Card

A special type of credit card where the monthly bills for all purchases must be paid in full and there is no interest charged.

Truth-in-Lending Act

A U.S. federal law designed to promote the informed use of consumer credit by requiring disclosures about its terms and cost.

Deferred Payment Plan

A payment arrangement that allows a purchaser to pay for goods or services at a later date, often after receiving some form of benefit from them.