Credit Note, Debit Note, and Delivery Note Quiz
18 Questions
0 Views

Choose a study mode

Play Quiz
Study Flashcards
Spaced Repetition
Chat to lesson

Podcast

Play an AI-generated podcast conversation about this lesson

Questions and Answers

What is the purpose of a credit note?

  • Request payment from a supplier
  • Request payment from a customer
  • Acknowledge that the amount owed is being reduced for sales returns/purchase returns (correct)
  • Acknowledge that the amount owed is being increased for sales returns/purchase returns

    • When is a debit note issued?

  • By a supplier to acknowledge receipt of payment
  • By a customer to request payment for goods purchased
  • By a supplier to request payment for goods sold
  • By a customer to request a credit note for goods returned (correct)

    • What is the purpose of a delivery note?

  • Request payment from a customer
  • Acknowledge delivery of goods (correct)
  • Issue a refund for faulty goods
  • Request payment for goods returned

    • What does a petty cash voucher provide details of?

    <p>Money paid out from petty cash and reasons for the expense</p> Signup and view all the answers

    When does a quotation become a purchase order?

    <p>When signed and accepted by the customer</p> Signup and view all the answers

    What information does a remittance advice document include?

    <p>Items/invoices being paid with the payment sent</p> Signup and view all the answers

    A credit note is issued by a customer to request a debit note from a supplier.

    <p>False</p> Signup and view all the answers

    A delivery note is typically signed by the supplier and retained by the customer.

    <p>False</p> Signup and view all the answers

    A petty cash voucher provides details of money received into petty cash.

    <p>False</p> Signup and view all the answers

    A quotation becomes a purchase order once it has been signed and accepted by the seller.

    <p>False</p> Signup and view all the answers

    A remittance advice is sent without any payment to the supplier.

    <p>False</p> Signup and view all the answers

    A sales order form is typically produced by the customer.

    <p>False</p> Signup and view all the answers

    Match the following documents with their respective purposes:

    <p>Credit note = Reduces amount owed for sales returns/purchase returns Debit note = Requests a credit note for faulty goods returned Delivery note = Sent with items delivered to a customer Purchase invoice = Request for payment from a supplier, giving delivery details</p> Signup and view all the answers

    Match the following documents with their descriptions:

    <p>Petty cash voucher = Details of money paid out from petty cash and reasons for expense Quotation = Sent to potential customer quoting price for goods or service Sales invoice = Request to credit customer for payment, giving item details Sales order form = Order from a customer on a form produced by the seller</p> Signup and view all the answers

    Match the following documents with their recipients:

    <p>Delivery note = One copy retained by customer and one copy signed by customer Remittance advice = Sent with payment, listing items/invoices being paid Purchase order = Order from a customer on form produced by the customer Receipt = Written statement of amount of money paid/received</p> Signup and view all the answers

    Match the following documents with their related actions:

    <p>Quotation = Becomes purchase order if signed and accepted by the customer Purchase order = Form or document produced by the customer as an order Receipt = Statement of money that has been paid/received Remittance advice = Sent with payment, listing items/invoices being paid</p> Signup and view all the answers

    Match the following documents with their related financial transactions:

    <p>Credit note = Reduces amount owed for sales returns/purchase returns Debit note = Document raised by a customer to request credit note for returned goods Purchase invoice = Request for payment from supplier, giving details of items delivered Sales invoice = Request to credit customer for payment, giving details of items sold</p> Signup and view all the answers

    Match the following documents with their functions in business transactions:

    <p>Petty cash voucher = Provides details of money paid out and reasons for expenses Delivery note = Sent with items delivered to customer to acknowledge receipt Sales order form = Customer's order on a form produced by the seller Purchase order = Order from a customer on a form produced by the customer</p> Signup and view all the answers

    More Like This

    Use Quizgecko on...
    Browser
    Open
    Browser
    Browser