Quiz 19

Credit Note
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10 MCQs with the right answers
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Q1. _____ is sent by a seller to the buyer in case of goods returned.*

1 mark

receipt

goods

debit note

credit note

Q2. Credit Note is usually sent for reasons such as low stock & high taxes.*

1 mark

True

False

Q3. Credit Note may also be used in case of cash sale returns.*

1 mark

True

False

Q4. The seller updates "Sales Returns Book' on the basis of a debit note.*

1 mark

False

True

Q5. Credit Note is issued for the value of goods _____.*

1 mark

returned by the buyer

returned by the seller

sold by debtors

sold by the seller

Q6. Credit Note shows a _____ currency value (amount).*

1 mark

negative

zero

positive

nil

Q7. Credit Note reduces _____ for the seller.*

1 mark

expense

income

liability

asset

Q8. Credit Note reduces _____ in books of the _____.*

1 mark

creditors, seller

creditors, buyers

debtors, seller

debtors, buyer

Q9. _____ will cancel the respective receivable upon sending a credit note.*

1 mark

Buyer

Liquidator

Seller

Broker

Q10. Credit Note is a document sent by a _____ to confirm the details of goods returned.*

1 mark

buyer to the seller

seller to the buyer

debtor to the buyer

government to the buyer

Quiz 19 – Credit Note

Quiz 19

Connect & Improve AccountingOptional

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