Question #1: A Supplier may not have received a Credit Note can cause an error o

Question

Question #1: A Supplier may not have received a Credit Note can cause an error on the Supplier Statements.

True

False

Question #2: A Supplier may have posted our payment to a wrong customer account can cause an error on the Supplier Statements.

True

False

Question #3: A Supplier not receiving a cheque could cause an error on the Supplier Statements.

True

False

Question #4: Assuming a suppliers has a month end of 31st December, if we send a cheque on the 29th of December this is likely to be included in the suppliers month end.

True

False

Question #5: Supplier Statements may be received on a regular basis from trusted suppliers and should be assumed that it is correct.

True

False

Explanation / Answer

1. True becuase it will not reflect adjsutment of goods returned

2. True becuase our sales account will reflect the different amount

3. False it would not cause error in supplier's statement however in customers statement it may

4. True as it has 2 days to receive and account for it

5. True as it is a basic spirit of the business done on credit terms.

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