Which of the Following Statements Is TRUE with Respect to a Contractual

question 12

Multiple Choice

Which of the following statements is TRUE with respect to a contractual obligation that is discharged through payment by a debit card?

• A) A debit card operates by allowing the card holder to purchase an item by promising to pay the vendor later.
• B) Payment by debit card is final and irrevocable.
• C) Unlike payment by cash, payment by debit card is conditional rather than final.
• D) Because of the need for commercial certainty, the holder of a debit card is liable for all purchases, even if, for example, a criminal uses a gun to force the card holder to use the card.
• E) Debit cards use the same rules and procedures as credit cards.

Understand how to establish and adjust a petty cash fund.

Learn how to reconcile the petty cash fund by accounting for cash shortages and overages.

Ability to prepare journal entries for petty cash transactions including fund establishment, replenishment, and adjustment.

Understand how various transactions affect the bank reconciliation process including adjustments to both bank and book balances.

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Definitions:

Values

are the fundamental beliefs and principles that guide a person's behavior and decision-making, reflecting what is important to an individual or group.

Sex

A biological classification based on reproductive organs and chromosomal configurations, typically categorized as male or female.

Gender

The range of characteristics pertaining to, and differentiating between, masculinity and femininity, including social roles, behaviors, and identities.

Racism

Prejudice, discrimination, or antagonism directed against someone of a different race based on the belief that one's own race is superior.