Terminologies Used In The Purchase of Business Account - SS3 Accounting Past Questions and Answers - page 1
What does "account type" refer to when purchasing a business account?
The specific type of account or service being offered for purchase
The buyer's bank account information
The terms and conditions of the purchase agreement
What is "payment information" in the purchase of a business account?
The buyer's name and address
The details of the specific account or service being purchased
The credit card or bank account details provided to complete the transaction
What are the "terms and conditions" when purchasing a business account?
The positive outcomes the buyer can expect to receive from purchasing the account
The legal agreement outlining the terms of the purchase and associated rights and responsibilities
The potential negative outcomes or downsides associated with the purchase
What are the "benefits" of the purchase of a business account?
The financial expenses associated with the purchase
The potential negative outcomes or downsides associated with the purchase
The advantages or positive outcomes the buyer can expect to receive from purchasing the account
What are the "risks" in the purchase of a business account?
The buyer's name and address
The legal agreement outlining the terms of the purchase and associated rights and responsibilities
The potential negative outcomes or downsides associated with the purchase
What is the purpose of reviewing the "terms and conditions" before purchasing a business account?
To understand the legal agreement outlining the terms of the purchase and any associated rights, responsibilities, and restrictions.
Why is it important to carefully consider the "costs, benefits, and potential risks" of a business account purchase?
It is important to ensure that the benefits of purchasing the account outweigh the costs and potential risks, as this can impact a company's finances, operations, and overall success.