The documents that provide instant information to firms on their transactions with banks are?

A. bank statement and debit note
B. cheque book and cashbook
C. cheque stub and deposit slip
D. payslip and credit invoice

Correct Answer:

Option A – bank statement and debit note

Explanation

Bank statement is a printed record of the balance in a bank account and the amounts that have been paid into it and withdrawn from it, issued periodically to the holder of the account.

A debit note is a document sent by a buyer to seller or in other words a purchaser to a vendor notifying that a debit has been made to their accounts. A debit memo on a company’s bank statement refers to a deduction by the bankfrom the company’s bank account. In other words, a bank debit memo reduces thebank account balance similar to a check drawn on the bank account.