When a Business Is Able to Deposit Its Credit Card

question 30

True/False

When a business is able to deposit its credit card sales invoices directly into a special bank account,it debits Cash,not Accounts Receivable.

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Definitions:

Per Annum

An expression meaning "for each year," used to describe rates or amounts calculated on an annual basis.

Rate Of Return

The gain or loss on an investment over a specified time period, expressed as a percentage of the investment’s cost.

Investment Account

An account held at a financial institution that holds investments such as stocks, bonds, mutual funds, and other assets for investors.

Millionaire

An individual whose net worth or wealth is equal to or exceeds one million units of currency.