Give a word/term or phrase for each of the following statement:

i. The entry is recorded on both sides of the cash book.

ii. Name the account which encourages personal savings.

iii. A note was issued by the buyer to the seller giving full details of goods returned.

iv. A note was issued by the seller on receipt of defective goods from the customer.

v. Name the bank account on which overdraft facility is given to the Account holder.

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1 Answers

i. Contra Entry

ii. Saving Account

iii. Debit Note

iv. Credit Note

v. Current Account

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