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WAEC SSCE - Financial Accounting - 1994 (Objective)

Question 1 Report

When a buyer is undercharged, the seller forwards
Answer Details
When a buyer is undercharged, the seller forwards a "debit note". A debit note is a document used to inform a customer that they owe more money on a purchase than was originally charged. In other words, it is a statement indicating that additional money is due because the original invoice was incorrect, either because of a mistake or because of a change in the original agreement. So, when a buyer is undercharged, the seller sends them a debit note to request payment of the additional amount owed.
Read lesson note on Cashbook (JAMB)
Read lesson note on Nature And Significance Of Accounting (JAMB)
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