Cash book
Petty cash book
General ledger
Credit notes
Correct answer is D
A credit note is one of the source documents used by a business. It is a receipt given by a seller to a buyer.
Credit notes are typically used when there has been an error in an already-issued invoice, such as an incorrect amount, or when a customer wishes to change their original order.
Th major feature of an invoice is that, it?
Passes information through the sales day book
Has cash and bank column
Specifies the particular of goods bought
Indicates only the cash sales
Correct answer is C
Essential Elements Each Invoice Must Include
The account which refers to the tangible assets of a company that is of permanent nature is the
Personal account
Real account
Nominal account
Cash account
Correct answer is B
Real account is an account dealing with the material assets of a business, such as its property.
If stationery bought for N200 has been entered as N2000. To correct this error?
Debit stationery with N2,200
Credit stationery with N1,800
Debit stationery with N1,800
Credit stationery with N2,200
Correct answer is C
To correct the error, we have to debit the amount in excess so as when it is being calculated, the debit side would balance with the credit side.
Remember income in recorded on the debit side while expenses are recorded on the credit side. Since stationary was bought, (expense) it is assumed that it was recorded on the credit side. hence we will debit the amount in excess.
If salary account is debited instead of stationary account, the error committed is that of?
Commission
Omission
Principle
Compensation
Correct answer is A
An error of principle is an accounting mistake in which an entry is recorded in the incorrect account.