Revolving Check Credit Is A

question 46

Multiple Choice

Revolving check credit is a:

• A)credit arrangement that has no extra costs.
• B)prearranged loan for a specified amount that you can use by writing a special check.
• C)credit arrangement that has no specific repayment plan.
• D)synonym for installment cash credit.
• E)synonym for single lump-sum credit.

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Definitions:

Contingent Asset

A potential asset that may arise depending on the outcome of a future event, not recognized in financial statements until certain.

AASB 137

An Australian Accounting Standards Board standard related to the accounting for provisions, contingent liabilities, and contingent assets.

Financial Statements

Formal records of the financial activities and position of a business, person, or other entity, typically including balance sheet, income statement, and cash flow statement.

Note Disclosure

Supplementary information provided in financial statements, offering insight into accounting policies, risks, and uncertainties.