Question #1: Debtor Control Accounts and Creditor Control Accounts refer to data from the Sales and Purchase Ledger.

True

False

Question #2: SETTLEMENT DISCOUNT is sometimes offered to a customer for prompt payment of the invoice.

True

False

Question #3: Trade Discounts are usually offered to a customer based on regular purchasing the goods.

True

False

Question #4: A Receipt is an acknowledgement that payment has been received.

True

False

Question #5: A Receipt is sent from the customer to the supplier and reduced the amount a supplier owes to the customer.

True

False