According to the Truth in Lending Act, which of the following is the bank NOT obligated to inform you of?
Answer: Out of all the options presented above the one that represents what banks are not obligated to inform you of is answer choice B) Interest calculating method. The reason being that the TILA does not tell financial institutions how much interest they may charge or whether they must grant a consumer a loan.
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Answer:
C. A recovery of the amount originally invested in the asset
Explanation:
The annual depreciation expense is a non-cash expense and shown in the debit side of the income statement plus it is get added in the net income in the operating activities section of the cash flow statement
While computing return on average investment, the annual depreciation expense recover the invested amount of the asset
Hence, all other options are wrong except c.
Answer: Sales on approval contract.
Explanation: A sales on approval contract involves the seller allowing the buyer to take possession of the product to be bought, then the buyer decides whether or not to buy the product, of which the buyer can decide to return the product and not buy it if he is not satisfied with it.
The loss anywhere before approval by the buyer is the responsibility of the seller.