by: Admin_LouisPosted on:

Which of the following statements is incorrect?

Which of the following statements is incorrect?
Debtors control account is not used for cash customers
Any transaction that will increase the customers indebtedness is debited to debtor control account
Any transaction that will reduce the customers indebtedness is credited to debtor control account
Debtors control account is the same as statement of financial position

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  1. A statement sent periodically, usually once a month by a buyer to his suppliers, showing the position of their accounts up to a certain date.
  2. The principles upon which preparation of accounting records are based and which are generally accepted is
  3. Debts which in the opinion of management of an organization may not be fully recovered are called
  4. Cheques which have been issued for payment by a bank account holder but have not been presented for payment at the bank as at the date the bank prepared the bank statement are called

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