debit card

Examples of debit card in the following topics:

• Credit Cards

  • A credit card is a payment card issued to users as a system of payment.
  • A credit card also differs from a cash card, which can be used like currency by the owner of the card .
  • Compared to debit cards and checks, a credit card allows small short-term loans to be quickly made to a customer who need not calculate a balance remaining before every transaction, provided the total charges do not exceed the maximum credit line for the card.
  • Merchants may charge users a "credit card supplement," either a fixed amount or a percentage, for payment by credit card.
  • A credit card is a payment card issued to users as a system of payment.

• Short-Term Loans

  • A credit card is a payment card issued to users as a method of payment.
  • For smaller businesses, financing via credit card is an easy and viable option.
  • Compared to debit cards and checks, a credit card allows small short-term loans to be quickly made to a customer.
  • The customer then need not calculate a balance remaining before every transaction, provided the total charges do not exceed the maximum credit line for the card.
  • These loans are also sometimes referred to as "cash advances," though that term can also refer to cash provided against a credit card or other prearranged line of credit.

• Types of Currency

  • The other part of a nation's money supply consists of bank deposits (sometimes called deposit money), ownership of which can be transferred by means of checks, debit cards, or other forms of money transfer.

• Electronic Banking

  • All you need is a plastic card from your bank and your own password.

• Double-Entry Bookkeeping

  • Recording of a debit amount to one account and an equal credit amount to another account results in total debits being equal to total credits for all accounts in the general ledger.
  • Real account: Debit what comes in and credit what goes out
  • Nominal account: Debit all expenses & losses and credit all incomes & gains
  • The rules of debit and credit depend on the nature of an account.
  • Assets accounts: Debit increases in assets and credit decreases in assets

• A short history of accounting and double entry bookkeeping

  • It does this by first identifying values as either a Debit or a Credit value.
  • A Debit value will always be recorded on the debit side (left hand side) of a nominal ledger account and the credit value will be recorded on the credit side (right hand side) of a nominal ledger account.
  • A nominal ledger has both a Debit (left) side and a Credit (right) side.
  • If the values on the debit side are greater than the value of the credit side of the nominal ledger then that nominal ledger is said to have a debit balance.Each transaction must be recorded on the Debit side of one nominal ledger and that same transaction and value is also recorded on the Credit side of another nominal ledger hence the expression Double-Entry (entered in two locations) one debit and one credit (Wikipedia 2009d).
  • Secondly, note that a debit to an asset account increases the value of the account and a debit to a liability (or owner's equity) account decreases its value.

• Dealing with a Difficult Audience

  • An extemporaneous speech (extemp speech) is delivered from a prepared outline or note cards.
  • The outline or note cards include the main ideas and arguments of the speech.
  • Outlines and note cards should be used for keeping the presentation organized and for reminding the presenter what information needs to be provided.
  • In order to play to the strengths of extemporaneous speech, it is important to practice presenting with the outline or note cards being used.
  • Inexperienced speakers tend to worry that they will forget important information if they do not write it out on their outline or note card.

• The Accounting Equation

  • For example, if the company uses cash to purchase inventory, cash is decreased (credited) and inventory is increased (debited); thus, assets as a whole remain unchanged and the equation remains in balance.
  • Likewise, as the company receives payment from its customers, accounts receivable is credited and cash is debited.

• Collection from Delinquent Payables

  • If an individual does not repay borrowed money to a credit card company and 6 months of nonpayment have passed, the credit card company may declare a "charge-off. " This means that the debt is "written off as uncollectable," so that the credit card company will get a tax exemption on that debt.
  • A charge-off is the declaration by a creditor (usually a credit card account) that an amount of debt is unlikely to be collected.
  • A charge-off is the declaration by a creditor (usually a credit card account) that an amount of debt is unlikely to be collected.
  • Explain the ramifications of failing to repay credit card and loan debts

• The Fed as a Check Clearer

  • If there are sufficient funds in Person A's account, the face value of the check ($10 in this case) then moves from A to B, resulting in a debit of $10 to Person A and a credit of $10 to Person B.
  • Check clearing is defined as "the movement of a check from the depository institution at which it was deposited back to the institution on which it was written, the movement of funds in the opposite direction, and the corresponding credit and debit to the accounts involved.