Correct the underlined word and rewrite the sentence:
Itinerant retailers give credit facility to customer.
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i. In case of a credit transaction one of the account must be a ________account. (a) Cash (b) Credit
i. (c) Personal ii. (b) Closing iii. (a) J.F. iv. (d) Debit v. (c) Balancing
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(i) Itinerant Retailers General Stores, Hawkers, Cheap Jacks, Peddlers.
(i) General Stores (ii) Market Trader (iii) Malls
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Itinerant Retailers and Non-Itinerant Retailers (Fixed shop retailers).
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Who are itinerant retailers?
Itinerant retailers are those retailers who do not have a fixed place or fixed shop for their business.
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General Reserve Account always shows - (A) Debit balance (B) Credit balance (C) Debit & credit balance (D) None of these
Correct option is: (A) Debit balance
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Short Term Credit and Medium Term Credit.
Short Term Credit Medium-Term Credit (i) It refers to a loan not exceeding 2 years. (i) It refers to a loan not exceeding 2 years. (ii) It is taken to fulfill short-term requirements like...
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Medium-Term Credit and Long Term Credit.
Medium-Term Credit Long Term Credit (i) It refers to a loan for a period of up to 5 years. (i) It is taken for a period of more than 5 years. (ii) It is...
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(i) Loan, Deposit, Cash credit, Overdraft facility.
(i) Deposit (ii) Pay in slip (iii) Transfer of Money (iv) Buying and Selling of Securities
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(i) The facility given by the bank to draw more money than the actual balance in the credit is called __________
(i) Overdraft facility (ii) Fixed Deposit (iii) Current account (iv) Fixed Deposit Account
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In cash credit, the customer’s account is credited by a bank with the sanctioned amount.
Cash credit is another kind of credit facility given by the bank to its customers including businessmen, companies, etc. A separate bank account known as a “Cash Credit Account” is required...
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