PRC-1 · Chapter 3 · Question 100 of 100
A 'Statement of Account' sent by a supplier to a customer is fundamentally a copy of which accounting record?
Test yourself: pick an answer
Reveal answer & explanation
Correct answer: B) The customer's account in the supplier's Receivables Ledger.
Explanation
A statement of account is a summary of all transactions with a specific customer over a period. It is essentially a transcript of that customer's personal account in the supplier's receivables ledger.
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