TRUE/FALSE. credit is a term used to describe any situation in which goods, services, or money is received in exchange for a promise to repay at a future date.

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30-11-2022
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TRUE/FALSE. credit is a term used to describe any situation in which goods, services, or money is received in exchange for a promise to repay at a future date.

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Pallave217 Pallave217 · Answer 1 · 2022-12-01T17:39:13+01:00

It is true that the phrase "redit" refers to any circumstance in which items, services, or cash are given in exchange for a promise to pay back later.

How does REPAY operate?

Using a customer's mobile device or digital wallet, our only ever web gateway, and other methods, lenders and businesses may easily and securely accept cards as payment online.

Repaying a loan: Is this a resource?

On the other hand, when a loan is given, the client signs a contract promising to pay back the entire amount borrowed plus interest. This legally enforceable agreement is worth more than the borrower agrees to pay back (presuming they would), and as such, it can be viewed as an investment in accounting terms.

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