Question

ANSWER THE FOLLOWING QUESTIONS IN THE SPACE PROVIDED BEFORE THE QUESTION NUMBER. (Note: the question numbers do not refer to the chapter objectives.) 3.01. An Invoice is prepared to record a sale on account 3.02. Using an incorrect date will not affect the results of reports. 3.03. You may never make corrections to bank deposits. 3.04. An Invoice may be exported to Excel. 3.05. A new Product/Service item cannot be added when creating a Sales Receipt. 3.06. A Customer Balance Summary report shows you the balances for all customers who owe you money. 3.07. You may record the sale of more than one item on both Invoices and Sales Receipts. 3.08. You can add a new customer on the fly. 3.09. An Invoice may not be deleted. 3.10. The Trial Balance shows account totals in debit/credit format.

Answer 1

& 3.01 An invoice is prepared to record sale on account Ans: sale on credit is revenue earned by a company when it gellg. goods &e allows buyear to pay at a later date. This is also called as a "sale on account. ere to Invoice is prepared by company to record cash Sales & sale on account C od credit sals 3.00 u using a incoonsect date will not affect the results of reports. Ans: In connect date will affect the results of repast. For example, if an item is sold on the last date of the financial year but invoice date is wrongly entered by Quoting the next day which falls in next financial yeas), then it impacts the following results. (i) accounts payables (if sold on credit) riil sales accounst (ii) Cash account (if it is Cash sales). (iv) Indirect taxes to be paid et.

13.03: we can never make corrections to b deposit Ang we can make consections to bank deposits by visiting the bank & filling the form for correction fill the form & submit the duplicate coppy to concerned bank. They will make update the information by verifyingi After successful updation by bank we can make necessary corrections in our books of accounts by entering the adjusting Journal enksci. 3.04: excel. any softwares from . An invoice may be exposted to In voices prepared / generated in can be exposted to excel for example we can expost invoice Tally to excel, SAP to exel. excel is compatible with many softwares. saley receipt Angi 3.05; we cannot add new product/ service item while creating A sales receipt is a document that records a sale. This document aclonowledges that selleen hos been paid for goods & services. This receipt is always issued by selle to buyer. If while creating sales receipts, the customer asks for new product (on) additional products, we can add them in the sales sreceipt ce charge the whole amount from customer.

3.06 customes balance how much each you, summasy customes repost owes tells you. 3.07; In one invoice on sales sreceppt we can gecord multiple sales transactions by adding the products seperately in the one invoice se sales receipt. There is no need to inne seperate invoices by all product if there is no necessity 3:08 when we need to add customers to ous customers list , we can open the list ce add the item alternatively we can add them "on the fly" which is to say that you can open a form, such as invoice, Ee enter the name of the piece of information you want to add to a list, Then we should follow next simple steps which results in adding customs.

3.09 In general in voices should not be deleted. If we need to delete an invoice, we need to issue a credit note. A credit note allows you to cancel an invoice. & we may delete invoices by issuing proper credit noles. We COR 3.10: Trial balance is the summary of all the ledged accounts with debit ce caedit balances. Left side of trail balance shows debit balance a right side shows Credit balances. It shows accounts in debit & credit format