MANAGEMENT

Detailed explanation-1: -Reginald’s credit card statement states that his balance is $550. Here the term balance means the amount owed to the bank by Reginald. He has to pay the bank $550. Therefore, the correct answer is option C-Reginald’s total account debt as of the statement date.

Detailed explanation-2: -Closing balance This is the total amount you owe on your credit card when we create your statement at the end of the statement. If you want to pay off your entire credit card debt for the month, the closing balance is the amount you’ll need to pay.

Detailed explanation-3: -The amount you owed at the start of your statement period is your opening balance. Once your debits (what’s you’ve spent) and credits (what you’ve paid off your card) during the statement period are taken into account, you’re left with your closing balance.

Detailed explanation-4: -It is usually found in a section called Account Summary which might be at the top, side or bottom of your printed statement or online screen.

Detailed explanation-5: -The statement balance shows the total dollar amount you owed on the last day of your credit card’s monthly billing cycle.