To Cancel the Interest on an Overdue Invoice Amount After

question 30

Multiple Choice

To cancel the interest on an overdue invoice amount after creating a sales invoice for it,you should -

• A)open the adjust an invoice screen,click the Delete key and then choose the invoice for the interest charge
• B)create a new invoice for a negative amount to offset the interest amount
• C)reverse the invoice you created for the interest charge
• D)either a or c above

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Definitions:

Debt

Debt is an amount of money borrowed by one party from another, which is expected to be paid back with interest.

Assets

Resources owned by a business that have economic value and can be expressed in monetary terms.

Profitability Analysis

The process of examining a company's performance and efficiency in generating profit from sales and investments.

Net Income

The profit of a business after all expenses, taxes, and costs have been subtracted from total revenue.