> > >

Accounts Payable MCQs

What are the debit memo & the credit memo in Payables?

In A/P, both the debit and the credit memos perform the same function. The debit memo is raised by the supplier to the Company and the credit memo is raised by the Company to the supplier stating we are due to him. Both have positive amounts

In A/P, both the debit and the credit memos perform the same function. The debit memo is raised by the Company to the supplier and the credit memo is raised by the supplier to the Company stating we are due to him. Both have negative amounts

Answer

Correct Answer: In A/P, both the debit and the credit memos perform the same function. The debit memo is raised by the supplier to the Company and the credit memo is raised by the Company to the supplier stating we are due to him. Both have positive amounts

Explanation:

Note: This Question is unanswered, help us to find answer for this one

Accounts Payable Skill Assessment

Your Skill Level: Poor

Retake Quizzes to improve it