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3 years ago

All of the following are fees typically charged by credit card companies EXCEPT:

2 answers:

6 0

A reload fee is a fee that is charged to a prepaid card because you are loading funds onto the card when you have them available. The reload fee applies to cards in which the cash is "real" versus chargining to a credit card to pay at a later time. The credit card company will charge a late fee, balalnce transer fee and some will charge a membership fee.

alukav5142 [94]3 years ago

5 0

The correct option is D.

Reload fee is not charged by the credit card companies.

Further Explanation:

Credit card:

Generally, Credit card is issued by financial institutes such as banks. Credit card is a plastic card that allows the cardholders to borrow the funds from the respective bank and then spend the funds as per their requirements. A credit card can be used for the purchase of goods and services. Generally, credit card has a specific limit. It is known as a line of credit (LOC). The cardholder can withdraw or use the funds up to the LOC. The cardholder has to pay the borrowed amount along with the interest on the borrowed funds after a specific period of time, which is defined and stated at the time of issuing the credit card.

Reload fee:

Reload fee is charged on the prepaid cards (debit cards). When the balance in the account comes to a minimum level, the accountholder requests the banker to refill his debit card. Bank refills the debit card by charging a small fee. That fee is called reload fee.

Therefore, reload fee is not charged on the credit card. It is charged on the debit card.

Learn more:

1. Learn more about the credit card utilization

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2. Learn more about maintaining the high credit score

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3. Learn more about various approaches to increase the credit score

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Answer details

Grade : Senior School

Subject : Business Studies

Chapter : Money and Banking

Keywords: fees, typically, charged, credit card, companies, except, late payment fee, balance transfer fee, annual membership fee, reload fee.

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The correct option is B. their goals and strategies for learning.

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3 years ago

Embree Corp. purchased a four-year insurance policy on May 1, Year 2, for $12,000, effective immediately. The company expensed t

BlackZzzverrR [31]

Answer:

a. Debit to Prepaid Insurance of $10,000

* Option for this question was missing so I have attached a similar question with this answer and answered accordingly.

Explanation:

Insurance purchased for four years was actually prepaid insurance on May 1, Year 2.

The company expensed all amount by positing following entry ( which is a wrong entry)

DR. Insurance Expense $12,000

Cr. Cash $12,000

It should be entered as follow:

DR. Prepaid Insurance $12,000

Cr. Cash $12,000

At the end of the year 2 8 months has been passed for which $2,000 is accrued and it will be recorded, as all the amount is charged to the expense account we will adjusted the remaining amount of $10,000 to correct this mistake.

Now at the end of year 2 the correct entry which will settle the expense and prepaid insurance as well is as follow.

DR. Prepaid Insurance $10,000

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3 years ago

QPD Corporation discovered financial information about its prime competitor which it used to its advantage. QPD did not obtain t

bixtya [17]

Corporation is the form of business that responsible for QPD’s knowledge of the details of its competitor’s financial situation.

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A cooperate business is a business that is owned and manage by group of individuals.

The members also use the product as well as the service.

Coporation gives members access to information which can be divulged to competitors by members.

Therefore, Corporation is the form of business that responsible for QPD’s knowledge of the details of its competitor’s financial situation.

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8 0

2 years ago

Which of the following is false regarding the FIFO inventory method?

puteri [66]

Answer: All of the other answer choices are true.

Explanation:

FIFO simply refers to “First-In, First-Out” and the method assumes that the oldest goods that are in the inventory of a company have been sold first and therefore, the costs that are paid for them will be used for the calculation.

The following are true regarding the FIFO method:

• FIFO under a perpetual inventory system results in the same cost of goods sold as FIFO under a periodic inventory system.

• A company can choose to account for the flow of inventory using the FIFO method even if this doesn’t match the actual flow of its inventory.

• Perishable goods often follow an actual physical flow that is consistent with the FIFO method assumptions.

Therefore, the correct option is D as all are true.

4 0

3 years ago

Trek Company has the following production data for April: units transferred out 40,200, and ending work in process 6,220 units t

Kitty [74]

Answer:

the costs to be assigned to the units transferred out and the units in ending work in process is $562,800 and $49,760 respectively

Explanation:

The computation is shown below:

Cost assign to units transferred out is

= 40,200 units × $4 + 40,200 units × $10

= $160,800 + $402,000

= $562,800

And, the Cost assign to work in progress is

= 6,220 units × $4 + (6,220 units × 0.40) × $10

= $24,880 + $24,880

= $49,760

Hence, the costs to be assigned to the units transferred out and the units in ending work in process is $562,800 and $49,760 respectively

5 0

3 years ago