The document that is used to acknowledge the acceptance of the return of goods by the seller from the buyer is known as

Assessment: JAMB UTME - Principles of Accounts - 1997 Subject: Financial Accounting

Question 1 Report

The document that is used to acknowledge the acceptance of the return of goods by the seller from the buyer is known as
Answer Details
The document that is used to acknowledge the acceptance of the return of goods by the seller from the buyer is known as a credit note. A credit note is a written document that indicates a reduction in the amount payable by the buyer to the seller. It is issued by the seller to the buyer to notify them of the acceptance of the return of goods or the cancellation of a sale. The credit note serves as a record of the transaction and is used to adjust the accounts of the seller and the buyer. The credit note shows the amount of the credit, the reason for the credit, and the date it was issued.
Read lesson note on Nature And Significance Of Accounting (JAMB)
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