PRC-1 · Chapter 2 · Question 19 of 100
What is the primary function of a 'Statement of Account' sent by a supplier to a customer?
Test yourself: pick an answer
Reveal answer & explanation
Correct answer: C) To show the customer the net amount owed at a specific point in time, summarizing invoices and payments.
Explanation
A statement of account provides a summary of all transactions (invoices, credit notes, payments) over a specific period, indicating the current net balance outstanding.
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