Debit Memorandum in Accounting
5 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 primary purpose of a debit memorandum?

  • To request an adjustment of the buyer's account
  • To provide proof of a transaction
  • To notify the buyer of an account adjustment (correct)
  • To inform the buyer of a pending delivery

    • What is the situation when a debit memorandum is issued?

  • When a seller returns merchandise to a buyer
  • When a buyer requests an adjustment of their account (correct)
  • When a buyer purchases merchandise on account
  • When a buyer is notified of an account adjustment

    • What is the relationship between a debit memorandum and the buyer's account?

  • The buyer's account is credited
  • The buyer's account is frozen
  • The buyer's account is debited (correct)
  • The buyer's account remains unchanged

    • What is NOT a characteristic of a debit memorandum?

    <p>It is a proof of purchase</p> Signup and view all the answers

    What is the seller's role in a debit memorandum?

    <p>The seller issues a debit memorandum</p> Signup and view all the answers

    More Like This

    The Golden Rule of Debit and Credit
    5 questions

    The Golden Rule of Debit and Credit

    UnbiasedSelenite avatar
    UnbiasedSelenite
    Debit and Credit Rules Summary
    3 questions

    Debit and Credit Rules Summary

    DarlingDwarf avatar
    DarlingDwarf
    Debit and Credit Rules in Accounting
    6 questions

    Debit and Credit Rules in Accounting

    EndearingTrigonometry avatar
    EndearingTrigonometry
    Accounting Fundamentals: Debit and Credit
    10 questions

    Accounting Fundamentals: Debit and Credit

    ManageableNoseFlute avatar
    ManageableNoseFlute
    Use Quizgecko on...
    Browser
    Open
    Browser
    Browser