Allowance for prompt payment
Allowance for damaged goods
Allowance off price list
Discount on creditors
Discount on debitors
Correct answer is C
No explanation has been provided for this answer.
When a buyer returns damages goods to the seller, the buyer receives a
Pro-forma invoice
Credit note
Debit note
Consignment note
Goods return note
Correct answer is B
No explanation has been provided for this answer.
Which of the following in a classified form contains a permanent record of all transactions? The
Sales day book
Cash book
Ledger
Journal
Purchases day book
Correct answer is C
No explanation has been provided for this answer.
Outstanding rent of N300 is paid by the proprietor. The effect on the balance sheet is that
Both the liability and asset are increased
Both the liability and asset are decreased
Liability is increased while the asset is decreased
Liability is decreased while the asset is increased
Both liability and asset remain unchanged
Correct answer is B
No explanation has been provided for this answer.
The concept of Double Entry Book-Keeping states that
If you receive goods on credit the seller becomes your creditor
For every debit entry there must be a corresponding credit entry
One party receives and another party gives value
Purchases and sales are stated separately
For every seller there is a buyer
Correct answer is B
No explanation has been provided for this answer.