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WAEC Commerce 2016 Question 17

Question 17

Purchase and Sale of Goods

When an importer has been overcharged for goods supplied, the exporter issues him with a

  1. A.debit note.
  2. B.proforma invoice.
  3. C.letter of credit.
  4. D.credit note.
Show the answer and explanation

Answer: D (credit note.)

Explanation

A credit note reduces the amount the buyer owes, e.g. after an overcharge.