Credit Offered in the Form of ____________ Is Most Common

question 93

Multiple Choice

Credit offered in the form of ____________ is most common in department and clothing stores and other high-volume outlets,where customers are likely to make several purchases each month. ​

• A)collateralized credit cards
• B)reward credit cards
• C)affinity cards
• D)retail charge cards

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Definitions:

Cash

Money in the form of currency that can include bank notes and coins, available for transactions or savings.

Income Summary

The Income Summary is an account where revenues and expenses are compiled to show the net result of a company's operations for a particular period.

Permanent Account

An account within the general ledger that is not closed at the end of the accounting period, including assets, liabilities, and shareholders' equity accounts.

Accounting Time Period

The span of time covered by financial statements, typically a fiscal quarter or year, during which all financial transactions are recorded and reported.