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

Accounts - Principles of Accounts
WAEC 2015

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

  • A. Cheque
  • B. Payment voucher
  • C. Debit note
  • D. Credit note
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Correct Answer: Option D
Explanation

Overcasting is when the estimated value turns out to be above the realized value.

credit note is a letter sent by the supplier to the customer notifying the customer that he or she has been credited a certain amount due to an error in the original invoice or other reasons. A credit note is issued when a customer pays an amount above the real amount due to an error in the sales invoice that overstated the said amount to be paid.


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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
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Post UTME Past Questions Agent
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
WAEC and NECO CBT App for Mobile Devices - Candidates, Schools, Centres, Resellers - 100% Offline -Download Now
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