{"id":43186,"date":"2024-04-15T21:25:52","date_gmt":"2024-04-15T21:25:52","guid":{"rendered":"https:\/\/exam.pscnotes.com\/mcq\/?p=43186"},"modified":"2024-04-15T21:25:52","modified_gmt":"2024-04-15T21:25:52","slug":"match-the-following-list-i-list-ii-a-the-document-related-to-sales-return-is-note-1-business-b-bank-reconciliation-statement-is-prepared-by-the-enterprise-2-credi","status":"publish","type":"post","link":"https:\/\/exam.pscnotes.com\/mcq\/match-the-following-list-i-list-ii-a-the-document-related-to-sales-return-is-note-1-business-b-bank-reconciliation-statement-is-prepared-by-the-enterprise-2-credi\/","title":{"rendered":"Match the following List-I List-II a. The document related to sales return is . . . . . . . . note. 1. Business b. Bank reconciliation statement is prepared by the . . . . . . . . enterprise. 2. Credit c. Purchases account will always have a . . . . . . . . balance. 3. Cash d. When the word &#8216;paid&#8217; occurs, it means reduction of . . . . . . . . 4. Debit"},"content":{"rendered":"<p>[amp_mcq option1=&#8221;a-4, b-3, c-2, d-1&#8243; option2=&#8221;a-2, b-1, c-4, d-3&#8243; option3=&#8221;a-2, b-4, c-1, d-3&#8243; option4=&#8221;a-3, b-4, c-1, d-2&#8243; correct=&#8221;option1&#8243;]<!--more--><\/p>\n<p>The correct answer is: A. a-4, b-3, c-2, d-1<\/p>\n<p>Here is a brief explanation of each option:<\/p>\n<ul>\n<li>a. The document related to sales return is a credit note. A credit note is a document issued by a seller to a buyer to acknowledge the return of goods or services. It is used to reduce the amount owed by the buyer to the seller.<\/li>\n<li>b. Bank reconciliation statement is prepared by the business. A bank reconciliation statement is a document that reconciles the balance of a business&#8217;s bank account with the balance of the bank statement. It is prepared by comparing the two balances and identifying any differences.<\/li>\n<li>c. Purchases account will always have a debit balance. A purchases account is an account in the general ledger that records the cost of goods purchased by a business. It is a debit balance account because it represents an increase in assets.<\/li>\n<li>d. When the word &#8216;paid&#8217; occurs, it means reduction of cash. When a business pays an invoice, it reduces the amount of cash it has on hand. This is because cash is an asset, and when an asset is used up, it is recorded as a decrease in the asset account.<\/li>\n<\/ul>\n<p>I hope this helps!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>[amp_mcq option1=&#8221;a-4, b-3, c-2, d-1&#8243; option2=&#8221;a-2, b-1, c-4, d-3&#8243; option3=&#8221;a-2, b-4, c-1, d-3&#8243; option4=&#8221;a-3, b-4, c-1, d-2&#8243; correct=&#8221;option1&#8243;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[85],"tags":[],"class_list":["post-43186","post","type-post","status-publish","format-standard","hentry","category-accounting","no-featured-image-padding"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.2 (Yoast SEO v23.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Match the following List-I List-II a. The document related to sales return is . . . . . . . . note. 1. Business b. Bank reconciliation statement is prepared by the . . . . . . . . enterprise. 2. Credit c. Purchases account will always have a . . . . . . . . balance. 3. Cash d. When the word &#039;paid&#039; occurs, it means reduction of . . . . . . . . 4. Debit<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/exam.pscnotes.com\/mcq\/match-the-following-list-i-list-ii-a-the-document-related-to-sales-return-is-note-1-business-b-bank-reconciliation-statement-is-prepared-by-the-enterprise-2-credi\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Match the following List-I List-II a. The document related to sales return is . . . . . . . . note. 1. Business b. Bank reconciliation statement is prepared by the . . . . . . . . enterprise. 2. Credit c. Purchases account will always have a . . . . . . . . balance. 3. Cash d. When the word &#039;paid&#039; occurs, it means reduction of . . . . . . . . 4. Debit\" \/>\n<meta property=\"og:description\" content=\"[amp_mcq option1=&#8221;a-4, b-3, c-2, d-1&#8243; option2=&#8221;a-2, b-1, c-4, d-3&#8243; option3=&#8221;a-2, b-4, c-1, d-3&#8243; option4=&#8221;a-3, b-4, c-1, d-2&#8243; correct=&#8221;option1&#8243;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/exam.pscnotes.com\/mcq\/match-the-following-list-i-list-ii-a-the-document-related-to-sales-return-is-note-1-business-b-bank-reconciliation-statement-is-prepared-by-the-enterprise-2-credi\/\" \/>\n<meta property=\"og:site_name\" content=\"MCQ and Quiz for Exams\" \/>\n<meta property=\"article:published_time\" content=\"2024-04-15T21:25:52+00:00\" \/>\n<meta name=\"author\" content=\"rawan239\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"rawan239\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Match the following List-I List-II a. The document related to sales return is . . . . . . . . note. 1. Business b. Bank reconciliation statement is prepared by the . . . . . . . . enterprise. 2. Credit c. Purchases account will always have a . . . . . . . . balance. 3. Cash d. When the word 'paid' occurs, it means reduction of . . . . . . . . 4. Debit","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/exam.pscnotes.com\/mcq\/match-the-following-list-i-list-ii-a-the-document-related-to-sales-return-is-note-1-business-b-bank-reconciliation-statement-is-prepared-by-the-enterprise-2-credi\/","og_locale":"en_US","og_type":"article","og_title":"Match the following List-I List-II a. The document related to sales return is . . . . . . . . note. 1. Business b. Bank reconciliation statement is prepared by the . . . . . . . . enterprise. 2. Credit c. Purchases account will always have a . . . . . . . . balance. 3. Cash d. When the word 'paid' occurs, it means reduction of . . . . . . . . 4. 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