Accounting JAMB

Which of the following condition would attract credit and debit notes to be used?

A. When goods are received from supplier
B. When a trial balance is extracted
C. When a buyer is under or overcharged
D. When goods are sold to a buyer

Correct Answer:

Option C – When a buyer is under or overcharged

Explanation

Debit note is usually issued by the purchaser and credit note is usually issued by the seller. But debit note can be issued by the seller when the buyer erroneously records more and credit note can also be issued by the buyer when the seller undercharges the buyer.

Sunday

Share
Published by
Sunday
Tags: Accounting

Recent Posts

List of Universities Offering Veterinary Medicine in Nigeria

Veterinary medicine is the branch of medicine that deals with the prevention, diagnosis, and treatment…

3 months ago

List of Universities Offering Anthropology in Nigeria

Anthropology is the scientific study of human beings and their cultures. It encompasses a wide…

3 months ago

List of Universities Offering Sociology in Nigeria

Sociology is the scientific study of human society, culture, and behavior. It examines the social…

3 months ago

List of Universities Offering Social Work in Nigeria

Social Work is a profession dedicated to helping individuals, families, and communities to cope with…

3 months ago

List of Universities Offering Religious Studies in Nigeria

Religious studies is an academic discipline that explores the beliefs, practices, and history of various…

3 months ago

List of Universities Offering Public Administration in Nigeria

Public administration is the field of study and practice that focuses on the organization and…

3 months ago