Which of the Following Is Not True About Debit Cards

question 92

Multiple Choice

Which of the following is not true about debit cards?

• A)If you spend or take out more money through an ATM machine than you have in your account,banks do not charge fees if you are in the overdraft protection program.
• B)Debit cards are accepted by most merchants.
• C)Debit cards can help you to control spending.
• D)Banks need to get your permission before enrolling you in an overdraft protection program.

Grasp the concept and implications of retained earnings and its components in the financial statements.

Identify and record transactions affecting retained earnings, including appropriations and dividends.

Understand how prior period adjustments affect retained earnings and the overall financial statements.

Recognize the process of closing net income into retained earnings for corporations.

---

Definitions:

Factory Insurance

An insurance policy designed to protect manufacturing facilities against losses from events like fire, theft, or natural disaster.

Depreciation

Allocating the expense of a tangible asset across its life of utility in a systematic manner.

Manufacturing Equipment

Tools, machinery, and other durable assets used in the process of producing goods in a manufacturing setting.

Cost of Goods Manufactured

The total cost incurred to manufacture products within a specific period, including materials, labor, and overhead, ready for sale.