Richard is an independent contractor and buys materials from a local builders supply store. He takes possession of the products immediately and the store bills him at the end of the month. The store is providing a(n)

Question

Quizplus · Accepted Answer

Richard is receiving an open charge account because he can take possession of the products immediately and is billed at the end of the month. Installment accounts involve payments made over a certain period of time, while revolving accounts involve ongoing credit that can be paid off or used indefinitely. There is no such thing as a selective account.

Richard Is an Independent Contractor and Buys Materials from a Local