The process of using sales ledger balance to ca... - WAEC Accounting 2015 Question
The process of using sales ledger balance to cancel off purchases ledger balance is
A
Balancing
B
Set off
C
Reconcilation
D
Cancelling
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.
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