Choose the correct definition in each of the following.
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If you calculate different percentages for debts which have been owing for different lengths of time, you can prepare a/an······························ schedule of debtors.
progressive
ageing
reducing
increasing
The estimated expense of not being paid by debtors is known as a/an ............................. .
allowance
devaluation
proviso
provision
The book which contains a list of all company sales by date is known as the ....
sales account
sales card
sales invoice
sales day book
Faulty goods which are sent back to the supplier by the customer are known as...........
returns
provisions
recovers
discounts
At the end or an accounting period, details of tax collected and tax paid are given to the authorities on an official form called a...........................
statement
declaration
return
confirmation
A.............is not recorded in double entry.
cash discount
refund
trade discount
cash sale
A.................system should make sure that debtors do not owe too much money.
quality control
credit control
credit note
credit transfer
A company sells goods on credit, but if customers never pay for these goods the money owing is known as ..............................
bad debts
debits
bad payment
bankrupts
In many countries a tax is added lo the price of goods and services, but some goods may be........................ and no tax is due.