A customer of a Bank Nizwa wants to know about the accounting treatment of advancing loans to Public by the bank. The branch manager of Bank Nizwa has replied to the customer that the loans provided to public will be recorded under the: a. Debit side of the income statement b. Liability side of the statement of financial position c. Assets side of the statement of financial position d. Credit side of the income statement

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A: Annual sales = $396.3 millionAccounts receivable = $47.6 million

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Q: ncial information   Reporting financial information   Summarizing fin

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Credit card

A credit card is provided by financial institutions or banks, which permits a person to borrow money on a preapproved limit for purchases on a credit basis. The credit limit is decided by the institution and bank which issues a credit card depending on the person’s credit score and income. A cardholder can use the card for credit purchases, a balance transfer, cash advances.