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Which of these is the payment to the government in the circular flow of goods and services?
taxes
People desire more currency because it?
is accepted as payment for goods and services.
What is it called when goods are taken from suppliers and are not paid for immediately?
When goods are taken from suppliers without immediate payment, it is typically referred to as "trade credit." This arrangement allows businesses to receive products or services upfront while deferring payment to a later date, often based on negotiated terms. Trade credit is a common practice in business-to-business transactions, providing flexibility in cash flow management.
Which key term represents a process in which the performing entity receives payment for the billed goods and services?
It is not Billing
What obtain goods and services before payment or money lent or made available both with specific guidelines for repayment?
The concept you're referring to is often called "credit." It allows individuals or businesses to obtain goods and services without immediate payment, with the understanding that they will repay the lender or provider at a later date, often with interest. This arrangement typically comes with specific terms and guidelines regarding repayment, including the payment schedule and any applicable fees or interest rates. Credit can be extended through various means, such as loans, credit cards, or purchase agreements.
What is the opposite of advance payment?
The opposite of advance payment is a deferred payment. In a deferred payment arrangement, the payment is made after the goods or services have been delivered or rendered, rather than upfront. This can allow buyers to receive the product before committing to payment, often used in credit or installment agreements.
What do you call an arrangement of receiving money or goods or services now in exchange for the promise of payment later?
credit
What do you call an arrangement of receiving money goods or services now in exchange for the promise of payment later?
credit
How money function as deferred payment?
Money functions as a deferred payment by allowing individuals to settle transactions at a later date without the immediate exchange of goods or services. This is facilitated through credit systems, where one party agrees to provide goods or services now in exchange for a promise of payment later. By using money as a medium of exchange, it enables flexibility in financial transactions, allowing parties to manage cash flow and fulfill obligations over time. Deferred payments can also help stimulate economic activity by enabling consumers to make purchases they might not afford upfront.
Can you confirm that no goods or services were provided in exchange for the payment made?
Yes, I can confirm that no goods or services were provided in exchange for the payment made.
In the circular flow of goods and services what does the government use money payment to provide?
Goods and services
What type of account is deferred revenue?
Deferred revenue is classified as a liability on a company's balance sheet. It represents money received from customers for goods or services that have not yet been delivered or performed. This means the company has an obligation to fulfill these services or deliver these products in the future. As the services are provided or goods are delivered, the deferred revenue is recognized as earned revenue on the income statement.
What is an example of an adjusting entry for deferred items?
An example of an adjusting entry for deferred items is the recognition of unearned revenue. When a business receives payment in advance for services or goods to be delivered in the future, it initially records this as a liability. As the services are performed or goods delivered, an adjusting entry would debit the unearned revenue account and credit the revenue account, reflecting the income earned during the period. This ensures that revenue is recognized in the correct accounting period.
Is it legal for a cashier to refuse to accept coins in payment for goods or services?
The coins are legal tender for debts public and private. It is not legal to refuse coins for payment for goods and services.
Which of these is the payment to the government in the circular flow of goods and services?
taxes
What is meant by payment term DP 60 days?
Payment term "DP 60 days" refers to a financial arrangement where payment is due 60 days after the delivery of goods or services. "DP" stands for "Documents against Payment," indicating that the seller retains control over shipping documents until payment is made. This term is commonly used in international trade to ensure that the buyer has a specified timeframe to arrange payment after receiving the goods.
What is an advance payment?
An advance payment is a part of a sum which is paid or received in advance for goods and services.
