F1 Exam Dumps : Financial Reporting

A fixed amount of interest is determined for the period of the overdraft

Repayments are scheduled in advance

The amount off overdraft utilised will fluctuate according to the needs off the borrowing entity.

The bank cannot demand repayment of the overdraft before the end of the agreed period.

Interest is charged on the balance outstanding.

A new credit controller was appointed during the year ended 30 June 20X3 who has been chasing customers for payment.

A system of early settlement discount was introduced during the year ended 30 June 20X3 which was taken up by quite a few customers.

One customer who regularly took 120 days to pay their invoices stopped buying goods from ABC during the year ended 30 June 20X3.

It was decided during the year ended 30 June 20X3 to stop undertaking credit checks on new customers.