•Have I to have an account with each one of the credit cards I accept in my reader?
•If I have not account with “XX” credit card I can not accept “XX” credit cards?
•Does my credit card reader have one identification code, the same for all credit cards I accept, or one identification code for each credit card account I have?
•Does the credit card reader by itself have its own identification and unique code?
•Do I, or does the credit card company assign the identification code for the reader?
•Is There a minimum value for the transaction to be accepted by the reader and or the credit card? A total charge of {content}.20 could be possible? Could it be accepted and processed by the reader and credit card company?How much cost to open an account? For how long time is it valid? Do I have to pay monthly/yearly fee. How much is the charge/transaction?Do I get reports of transactions?Where to buy a book /literature to learn on?
When a Magnetic Stripe Reader (MSR) reads data where does it send info and how does it get it there?
I know how the stripe of the card is magnatized but how does that information reach the entity that verifies the information. (ie: the reader is connected by phone line to a hub at the specific credit card company and their system digitally checks it) - this is an example and I have only an idea of how it works but do you know exactly the process. Also what is the entity that verifies the informaton.
Business - credit card company agreements after business tanks?
My uncle ran a restaurant in Maryland and had a four year agreement with the credit card machine company to accept credit card orders. The business has since gone belly up but they still require him to pay the 0/month fee. Is this normal practice? I have not seen or read the agreement but is it not standard where if the business tanks, you no longer have to pay the credit card company?
need credit card machine?
I am about to open a small business. I am finding it hard to get a credit card machine without having to pay someone a bunch fees, on top of the fees I will have to pay to the credit card company. I guess it’s ok with me to get a " FREE " machine (WITH SIGN UP) but I don’t want to get ripped off any more than I have to. does anyone know a good company to go with? I need a good deal!!!
The primary objective of financial accounting is to?
A customer purchased a ,000 item at ApplianceWorld, paying with a credit card (VISA). The merchant is charged a 2% fee by the credit card company. When recording this sale, the merchant would:
A) debit accounts receivable for ,000.
B) credit sales revenue for ,000.
C) credit sales revenue for ,800.
D) credit unearned sales revenue for ,000.
E) None of the above is correct.
2-
The primary objective of financial accounting is to
A) provide information about a business to internal parties.
B) provide information about a business’ future business strategies.
C) provide useful economic information about a business to help external parties make sound financial decisions.
D) provide predictions of future stock price.
E) none of the above is the primary objective of financial accounting.
When credit terms for a sale are 2/15, n/40, the customer saves by paying the bill early. Approximately what percent would this savings amount to on an annual basis?
A) 18%.
B) 20%.
C) 30%.
D) 37%.
E) None of the above is correct.
18.
A post closing trial balance would include account balances for only the
A) assets and liabilities.
B) revenues and expenses.
C) assets, liabilities, and stockholders’ equity.
D) assets, liabilities, stockholders’ equity, revenues, expenses, and dividends.
E) None of the above is correct.
19.
Which of the following activities violates the revenue recognition principle?
A) Recording revenue in December 2006 for units manufactured but not yet sold to customers
B) Recording cash received in advance from customers as revenue when the product is not yet shipped
C) Not recording interest earned in 2006 until the cash is received in 2007
D) None of the above violates the revenue recognition principle
E) All of the above violates the revenue recognition principle
Marion Company had these transactions during the first month of the new accounting period.
Sold merchandise for ,000 on credit; its cost was ,000 and it was purchased and paid for last year.
Collected ,000 from an account receivable. The account was established in the previous year.
Used office supplies of ,500 purchased and paid for in the prior year.
Reference: 03_02
Marion’s net income for the new period would be
A) ,500
B) ,000
C) ,000
D) ,500
E) None of the above is correct
21.
When the price earnings (P/E) ratio for a company decreases from 2006 to 2007, it means the company’s investors
A) believe the future earnings will exceed the current earnings level.
B) believe the future earnings will be lower than the current earnings level.
C) are confident about the company’s future operating effectiveness.
D) are not confident about the company’s future operating effectiveness.
E) both B and D are true.
On January 1, 2007, Denmark Inc., started the year with a 0,000 credit balance in its retained earnings account. During 2007, the company earned net income of ,000 and declared and paid dividends of ,000. Also, the company received cash of ,000 as an additional investment by its owners. Therefore, the balance in retained earnings on December 31, 2007, would be
A) 0,000.
B) 0,000.
C) 5,000.
D) 0,000.
E) None of the above is correct.
23.
Financial accounting
A) provides information primarily for external decision makers.
B) is required for corporations but probably would not be done by other business entities.
C) provides information primarily for the use of managers of the company.
D) has been practiced in this country for approximately the last 15 years.
The purchase of supplies for cash would
A) Not change total assets.
B) Increase total assets.
C) Increase liabilities.
D) Decrease liabilities.
E) None of the above is correct
Bad debt expense should
A) appear on the balance sheet as a contra-asset.
B) appear on the income statement as part of selling expenses.
C) appear on the income statement as a contra- revenue.
D) not appear in the financial statements.
E) None of the above is correct.
26.
Which of the following is/are criteria for recording a sale?
A) Title and risks of ownership have been exchanged.
B) The company is reasonably assured of collecting the receivable.
C) The sales price has been fixed.
D) Both A and B are correct.
E) All of the above are correct
27.
Which of the following statements is true?
A) Deckers Outdoor sells primarily to other businesses on a credit basis.
B) Deckers Outdoor would record revenue when cash collection is made from their customers.
C) Deckers Outdoor records sales upon shipment of product to their customers.
D) Both A and C are true.
E) All of the above are true
28.
An income statement reports
A) revenues, expenses, assets, and liabilities during an accounting period.
B) resources, liabilities, and stockholders’ equity of a business at a point in time.
C) net income of a
Legal/Divorce, credit being ruined by ex, I need the name of a legal document?
I just got off of the phone with someone from a credit card (collections) company. My ex husband was to paying off a credit card and hasn’t paid a dime since May of last year. I have taken him to court but they keep drawing the process out longer and longer and in the mean time my credit is being severly damaged. First he has 30 days, he doesn’t comply we go back to court and then he has 90 days…and so on. The person from the credit card company told me about something called a ‘Writ of Excusion’. I’m not sure if I heard her correctly because when I do a search it comes up with nothing. Is anyone familar with this? She said with this document I can have the judge sign it and be dismissed from any damage it’s caused to my credit.
Why won’t Yahoo Music process my cc and download the song?
I just installed Yahoo jukebox last week and found a song I want. I entered my credit card info, accepted the terms and clicked "buy" on the confirm screen. But then I get a message that says "There was a problem processing your purchases. Your credit card has not been charged. Please try again. error code: 1". I have e-mailed support and verified that the information in the Yahoo Wallet is correct. I have phoned my credit card company and verified that I entered the correct information and they also confirmed that an authorization for was approved at the time I tried to buy the song. So, the credit card is processing correctly but somehow the Yahoo computers aren’t completing the next step and releasing the song to my jukebox for download. What’s wrong? I need to get this song for a class tomorrow.
Actually, I’ve been e-mailing Yahoo support, then they told me to phone in, then they told me to post my question on Yahoo answers. *Wonderful* tech support, eh? ::rolls eyes::
If I have a vending machine with credit card reader, How the reader handles the transaction?Direct with the Co
I need to understand how credit card reader at vending machines work. Does Reader connect direct with each credit card Company, accepts the transaction and charge fee to reader account? How much is the fee?
chargeback on my merchant account?
I have an online business and I was recently hit with a very large charge back. It turns out that it was a fraudulent transaction. I do not have the funds to pay the credit card company back, does anybody know what will happen from here?
How can I cancel a credit card order?
I ordered a whitening kit, 2 to be exact, from a blog that seemed very legit, I googled it, and it is not! It’s Cathy’s Whitening or something of that sort. The company that sells the kits aren’t legit, anywho, I placed the order yesterday so I called and canceled one of them. But, the other order I cannot cancel till I receive the product because the rep on the phone said she couldn’t find me till the order is processed. Can I call my credit card company and have them cancel my order and paymets?
Can somebody tell me what regulates or governs transactions between a merchant and a credit card company?
I want to file some formal complaints involving my business merchant account and a credit card company. Trying to figure out the best way to go. Do I file a complaint with the state they are located in via attorney general? Appreciate any ideas.
MERCHANT accounts!!!1?
In order to provide my customers with multiple payment options do I have to apply for a merchant account from each individual credit card company? i.e. AMEX, MASTERCARD, DISCOVERY, AND VISA?
Can somebody tell me what regulates or governs transactions between a merchant and a credit card company?
I want to file some formal complaints involving my business merchant account and a credit card company. Trying to figure out the best way to go. Do I file a complaint with the state they are located in via attorney general? Appreciate any ideas.
