Question on: WAEC Accounting - 2015
The process of using sales ledger balance to cancel off purchases ledger balance is
A
Balancing
B
Set off
C
Reconcilation
D
Cancelling
Ask EduPadi AI for a detailed answer
Correct Option: B
A set-off clause is a legal clause that gives a lender the authority to seize a debtor's deposits when they default on a loan. A set-off clause can also refer to a settlement of mutual debt between a creditor and a debtor through offsetting transaction claims.
Add your answer
Please share this, thanks!
No responses