Which of the Following Statements Is True Regarding a Credit

question 5

Multiple Choice

Which of the following statements is true regarding a credit memo and its relationship to a company's bank reconciliation procedures?

• A)It must be recorded as a credit to the balance per the customer's records.
• B)It is issued to notify a company of bank service charges which need to be recorded on the company's records.
• C)It is issued when a customer gives the company an NSF check which needs to be recorded on the company's records.
• D)It must be recorded as a debit to the balance per the company's records.

---

Definitions:

Professionalization

The process through which an occupation transforms into a profession, typically involving the establishment of training standards, ethical codes, and accreditation.

Educational System

The organized network of institutions and policies designed to formally educate individuals within a society.

Stratification

The arrangement or classification of something into different layers or categories, often used in reference to social layers based on class, race, or gender.

Educational System

A structured set of educational institutions, policies, procedures, and practices designed to transmit knowledge, skills, and cultural norms to the members of a society.