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This is the finance paid for in installments by the business. The item is not owned until all payment has been made.

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Solution 1

This type of financing is known as Hire Purchase. Here's how it works:

  1. The business chooses the item they want from a supplier.
  2. The finance company buys the item on behalf of the business.
  3. The business makes regular payments to the finance company. These payments cover the cost of the item Knowee AI is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI  is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI  is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI  is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI  is a powerful AI-powered study tool designed to help you to solve study problem.
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Similar Questions

This is a type of Financial Statement that shows what a company owns and what it owes:

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The Purchases account is:Multiple Choicea permanent account.a temporary account.a subsidiary account.a liability account.

When one party grants the right to use the asset to the other party, in return for a periodic payment, it is known as __________.

The debts of the business are also the debts of the owner(s) is _________ and applies to ________.

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