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What are the consequences if your credit card number is stolen, but not the physical card, in terms of liability for unauthorized use?
If your credit card number is stolen but not the physical card, you are generally not liable for unauthorized use as long as you report the theft promptly to your credit card company. They will investigate the charges and you may not be held responsible for any fraudulent transactions.
What else can I help you with?
What are the consequences of unauthorized tip charges on a credit card statement?
Unauthorized tip charges on a credit card statement can lead to financial loss for the cardholder, potential disputes with the merchant, and damage to the cardholder's credit score if not resolved promptly. It is important to monitor credit card statements regularly to catch any unauthorized charges and report them to the credit card company immediately.
Which reduces your tax liability more, a deduction or a credit?
A tax credit reduces your tax liability more than a deduction.
How does an increase in liability affect the debit or credit side of the accounting equation?
An increase in liability will affect the credit side of the accounting equation.
Is The balance on a credit card is a liability?
Yes.... a credit card balance is money owed by the card-holder to the company. Therefore it is a liability.
What is the purchase of equipment on credit recorded by?
A debit to equipment and a credit to liability
What are the consequences of unauthorized tip charges on a credit card statement?
Unauthorized tip charges on a credit card statement can lead to financial loss for the cardholder, potential disputes with the merchant, and damage to the cardholder's credit score if not resolved promptly. It is important to monitor credit card statements regularly to catch any unauthorized charges and report them to the credit card company immediately.
What dollar amount is a person liable for with unauthorized credit card charges?
Under the Fair Credit Billing Act, a person is generally liable for up to $50 in unauthorized credit card charges. If the cardholder reports the loss or theft of the card before any unauthorized charges occur, they are not liable for any charges. Additionally, many credit card issuers offer zero liability policies, which can further protect cardholders from any unauthorized charges.
How is a liability increased by a credit or debit?
Liability has credit balance as normal balance so credit increases the liability which means addition to current liability will increase the overall liability and reduction in liability will reduce overall liability.
Which federal credit law protects you against an unauthorized use of your credit card to 50?
The Fair Credit Billing Act (FCBA) protects consumers against unauthorized use of their credit cards. Under this law, if your credit card is lost or stolen, you are only liable for up to $50 in fraudulent charges, provided you report the loss in a timely manner. If you report the loss before any unauthorized charges are made, you are not liable for any charges at all. Additionally, many credit card issuers offer zero liability policies, further protecting you from fraud.
How do you increase a liability?
A liability account is a credit account, and credit accounts can be increased by writing a credit in the journal entry. Therefore, a liability is increased by crediting it.
How can you prosecute for unauthorized credit card charges?
You can call your local law enforcement and report the unauthorized charges. You can also call your credit card and they will help you prosecute.
What are the consequences to a parent if their minor child fraudulently used a credit card number to obtain services from a sex chat line?
All financial liability falls on the parent or legal guardian. Any criminal liability would fall on the minor.
How do you record an increase in a liability account?
Any increase is an credit for a liability
Which reduces your tax liability more, a deduction or a credit?
A tax credit reduces your tax liability more than a deduction.
What would decrease liability?
Debit balance would decrease the liability as credit balance increases the liability.
How does an increase in liability affect the debit or credit side of the accounting equation?
An increase in liability will affect the credit side of the accounting equation.
Does accrued salaries have a debit or credit balance?
Credit; liability accounts are always credit
