A Report Containing Information Solely as to Transactions Between the Consumer

question 67

True/False

A report containing information solely as to transactions between the consumer and the person making the report is not a "consumer report" covered by the Fair Credit Reporting Act (FCRA).

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Definitions:

Adjusting Entry

A journal entry made in accounting records at the end of an accounting period to allocate income and expenditure to the correct periods.

Periodic Inventory System

An inventory accounting system where the inventory count is physically conducted at specific intervals, typically at the end of an accounting period.

Net Method

An accounting method that records purchases and sales of inventory net of discounts at the time of transaction.

Credit Terms

Conditions under which credit is extended to a buyer, including the repayment time frame, interest rates, and penalties for late payment.