____ Are Not a Type of Open Account Credit

question 119

Multiple Choice

____ are not a type of open account credit.

• A)Retail charge cards
• B)30-day charge accounts
• C)Reward (co-branded) credit cards
• D)Bank credit cards
• E)Bank debit cards

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Definitions:

Privity

A legal concept indicating a close, mutual, or successive relationship to the same right of property or the power to enforce a promise or warranty.

Due Diligence

The investigation or exercise of care that a reasonable business or person is normally expected to take before entering into an agreement or contract.

Accountant-Client Privilege

A legal principle that protects communications between a certified accountant and their client from being disclosed without the client's permission.

Statutorily Recognize

Formally acknowledged or established by law or statute.