NECO 2018 Financial Accounting Answer Obj and Essay– May/June Expo

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NECO 2018 Financial Accounting QUESTIONS and ANSWER RUNZ

Account Theory to proof our authenticity

2a)
1. Quotes
The buyer may require a quote from different sellers for the items it wants to buy. The quotes will be looked at, discussed and a decision made as to which seller to buy the product from, usually based on who is the cheapest. After that an order will be placed and the winning supplier will turn the quote into a sales invoice.

2. Orders
When a business needs to buy an item it will complete an order form. The order form may be as simple as an A5 sheet from a duplicate book, or it may be a form supplied by the seller through its on-line website or catalogue. Order forms will not always show the cost because the buyer may not know the cost when placing an order.

3. Delivery Dockets
In many cases the vendor will provide a delivery docket with the items being shipped, posted or delivered. These will often have a description of items being delivered so the buyer can check it against their order immediately upon it’s arrival.

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