A Document Indicating a Reduction in the Amount Owed to a Vendor

question 119

Multiple Choice

A document indicating a reduction in the amount owed to a vendor because of returned goods is

• A) a debit memo.
• B) a credit memo.
• C) a receiving report.
• D) a contractual adjustment form.

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Definitions:

Dollar

A unit of currency used in various countries, most notably the United States, identified as a standard monetary unit for transactions.

Domestic Brands

Brands that originate from and are marketed within a country's borders, often tailored to local tastes, culture, and preferences.

Foreign Currencies

Currencies used in international trade and investment, different from the domestic currency of a particular country.

Current Account Balance

A measure of a country's international financial position, reflecting the difference between its savings and its investment by tracking exports and imports of goods, services, and financial transfers.