If a Customer Makes a Payment on Account and a Return

question 20

Multiple Choice

If a customer makes a payment on account and a return has been made, the correct amount of the sales discount is calculated______ .

• A)automatically by QuickBooks DT on the full amount
• B)automatically by QuickBooks DT on the amount due after the credit is subtracted
• C)manually by using QuickMath
• D)any of the above

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Definitions:

Absolute Liability

A legal principle where a party is held responsible for damages or loss, irrespective of intent or negligence.

Bailee

An individual or entity who temporarily holds property on behalf of another under a bailment agreement.

Skilled Shopkeeper

An individual who possesses specific expertise and skills in managing and operating a retail store.

Act of God

An Act of God refers to a natural event outside of human control, such as a flood, earthquake, or hurricane, that is unexpected and unavoidable, often used as a legal defense in contracts.