WAEC Book Keeping 2024 Objective — Question 15

Question 15 of 40 from the West African Examinations Council (WAEC) Book Keeping 2024 Objective paper, with the correct answer and a full explanation.

15. A debit note serves as the source document for correcting A.

A. undercharge of goods sold to a customer.Correct
B. overpayment by a customer.
C. the difference for the value of goods returned by a customer.
D. overcharge of goods bought from a supplier.

Explanation

When a person is undercharged, a debit note is issued to the person to show that he is indebted to the company. (Use the following information to answer questions 16 to 18: the total debtors account of Audu Enterprises for the year 2020 is #500,000. Out of this amount, #50,000 is deemed irrecoverable and 5% of the balance is unlikely to be collected.)

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