JAMB Accounting 2017 Objective — Question 15

Question 15 of 40 from the Joint Admissions and Matriculation Board (JAMB) Accounting 2017 Objective paper, with the correct answer and a full explanation.

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

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

Explanation

A credit note is issued when a buyer is overcharged, and a debit note when a buyer is undercharged.

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