WHEN THE INVOICE OF A CUSTOMER IS OVERCAST, THE SUPPLIER WILL SEND TO HIM A
A. debit note B. cheque C. credit note ✓ D. payment voucher The answer to the question is: C. credit note When an invoice of a customer is overcast, the supplier will typically send a credit note to rectify the error. A credit note…
PURCHASE ACCOUNT IS OVERCAST BY 200 NAIRA, WHILE WAGES ACCOUNT IS UNDERCAST BY 200 NAIRA. THIS IS
A. an error of omission B. a compensating error ✓ C. an error of commission D. an error of principal The answer to the question is: B. a compensating error A compensating error in accounting occurs when two errors cancel each other out,…
Study Guide
