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Business Chapter 33

Statement of Account, Cheques and Receipts

QuestionAnswer
What is a statement of account? A summary sent by the seller of the transactions between two firms.
What increases the bill? (debit or credit) Debit
What decreases the bill? (debit or credit) Credit
Steps for dealing with outgoing statements. Check all transactions are correct, check final total matches creditors ledger balance, check calculations, pay creditor amount due, file the statement
Steps for dealing with incoming statements. Check all transactions are correct, check final total matches debtors ledgers balance, check calculations, check buyers name and address, file a copy
Name 3 benefits of using a cheque. Proof of payment, make a copy for records, safer than cash
Created by: stellamcb
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