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A company recently set up an e-commerce portal to sell its product online. The company wants to start accepting credit cards for payment, which requires compliance with a security standard. Which of the following standards must the company comply with before accepting credit cards on its e-commerce platform?
Normal Balances
The side of an account (debit or credit) where increases to the account are recorded; assets and expenses typically have debit normal balances, while liabilities, equity, and revenue have credit normal balances.
Perpetual Inventory System
An inventory tracking system that updates item records in real-time as transactions occur, providing a constant current inventory level.
Perpetual Inventory System
An inventory accounting system that records inventory purchases and sales in real-time.
Missing Amounts
Calculations or adjustments made in accounting to determine unknown figures in financial statements due to incomplete records or errors.
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