27. U.S. citizens are likely to carry cash even with the
prevalence of credit cards, debit cards and ATMs because:
a. cash is more convenient
b. not all firms accept credit cards
c. some firms won’t accept debit cards for small purchases
d. all of the above
As we all know that from not so old time, that we are having debit and credit cards
From the old time, we use to paper or coin money for the transaction
Still, in today's world instead of having fast growth of debit and credit cards, people still cash because
1. It is more convenient
2. Handy and can be easily used for small purchases
3. Still, not many firms accept online cards
So the answer is an option D
27. U.S. citizens are likely to carry cash even with the prevalence of credit cards, debit...
12. Which of the following statements is (are) correct? (x) The legal tender requirement by the U.S. government means that people are more likely to accept the U.S. dollar as a medium of exchange. (y) Since the U.S. government has decreed that U.S. currency is legal tender, the government must hold enough gold to redeem all currency. (z) The set of items that serve as media of exchange clearly includes credit cards and short-term bonds. A. (x), (y), and (z)...
If you debit Prepaid Insurance, you most likely will: O A. credit Cash. O B. credit Insurance Expense. O C. credit Capital. O D. credit Fees Earned. Sue's Book Review billed customers $550. The journal entry to record this transaction is: O A. Editing Fees, debit $550; Riley, Capital, credit $550 O B. Cash, debit $550; Riley, Accounts Receivable, credit $550 O C. Accounts Payable, debit $550; Editing Fees, credit $550 OD. Accounts Receivable, debit $550; Editing Fees, credit $550...
15) Are shoppers more or less likely to use credit cards for "impulse purchases" that they decide to make on the spot, as opposed to purchases that they had in mind when they went to the store? Stop every third person leaving a department store with a purchase. (This is in effect a random sample of people who buy at that store.) A few questions allow us to classify the purchase as impulse or not. Here are the data on...
1. Identify whether each of the following is a debit or a credit in the country of Freedonia’s BOP and indicate where the item would be classified. a. Freedonian firms export $250 million worth of goods. b. Freedonian citizen’s purchase $50 million worth of tickets on US Airways flights. c. A Freedonian firm purchases a shoe factory in Mexico for $30 million. d. Freedonia receives $5 million in foreign aid from the United States. e. Freedonian citizens deposit $15 million...
What are the likely consequences on the U.S. market for tobacco products for each of the events listed below? Which curve shifts, supply or demand? Please indicate the direction of shift. State whether the equilibrium price and quantity would increase, decrease, or stay the same. Show the changes using a standard diagram with an upward slopping supply curve and a downward slopping demand curve. a. The food and drug administration classifies tobacco as an “addictive substance.” b. The congress votes...
7. A bank is investigating ways to entice customers to charge more on their credit cards. (Banks earn a fee from the merchant on each purchase, and hope to collect interest from the customers as well). A bank selects a random group of customers who are told their "cash back" will increase from 1% to 2% for all charges above a certain dollar amount each month. Of the 500 customers who were told the increase applied to charges above $1000...
18. Which of the following is not a red flag for a scheme involving fraudulent invoices from non-accomplice vendors? MULTIPLE CHOICE a. Noting that paid was marked on every voucher that has been paid. b. Mailing addresses differing from the real vendor address. c. Deviations from the approved vendor list. d. An invoice number out of sequence. 19. For the small business, which of the following is a good way to prevent or detect fraud? MULTIPLE CHOICE a. Segregate duties. b....
Question 16 (1 point) Saved Credit cards are considered to be "money substitutes" instead of money because OA) they are not acceptable to pay for purchases. OB) they cannot serve as a temporary medium of exchange. O C) the only function of money they can perform is to serve as a store of value. O D money must eventually be used to pay for the transaction. E) credit card accounts are not chequable. Question 17 (1 point) Until recently, and...
Q: Cash payment for the purchase of inventory requires credit to inventory. A: True or False (n) Note payable Interest expense Cash $10,000 $ 100 $10,100 (0) $ 200 Cash Accounts receivable $ 200 $ 1,500 (p) Wage expense Cash $ 1,500 Totals $119,650 $119,650 Key ideas: i. A journal is a chronological recording of transactions using debits and credits (debit simply means left, and credit simply means right) ii. Journalizing a transaction is just a fancy way of saying...
Data Table Beautiful Tots Child Care Trial Balance August 31, 2017 Balance Debit Credit Account Title Cash 9,000 7,300 Accounts Receivable Office Supplies 1,400 Prepaid Insurance 1,000 87,500 Equipment Accounts Payable 3,100 Notes Payable 49,000 55,000 Thompson, Capital Thompson, Withdrawals 3,400 Service Revenue 8,500 Salaries Expense 5,200 1,100 Rent Expense $ 115,900 $ 115,600 Total Print Done More Info Cash is understated by $1,400. A $3,800 debit to Accounts Receivable was posted as a credit. a. b. A $800 purchase...