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WAEC Financial Accounting 2015 Question 15

Question 15

Source Documents

When the invoice of a customer is overcast, the supplier will send to him a

  1. A.cheque.
  2. B.payment voucher.
  3. C.debit note.
  4. D.credit note.
Show the answer and explanation

Answer: D (credit note.)

Explanation

An overcharge is reduced by a credit note, which lowers the amount the customer owes.