ZIMSEC O Level Commerce Notes: Statement of Account

  • Also known as an account statement or customer statement.
  • It is a summary of all the transactions (for a particular customer) over a period of time.
  • It is issued by a seller to a buyer.
  • It is issued when goods or services are bought on credit.
  • It is sent as a request for payments.
  • Reminds customers that payments are due.
  • Assists buyers to reconcile with their own requests or make queries before making payment.
  • May be used for advertising.
  • It is used as a source document for accounting purposes.
  • It shows:
    1. The date on which it is issued.
    2. The names and addresses of the buyer and seller.
    3. The amounts due.
    4. The balance carried forward and brought down.
    5. Credit notes issued and adjustments.
    6. Debit notes issued and adjustments.
    7. Interest to be applied and paid on overdue amounts.
    8. The rate of interest on overdue amounts
    9. Invoice numbers and their individual amounts.
    10. Instalment payments made/payable.
    11. Installment/Payment due date.
    12. Terms of payment.

To access more topics go to the Cambridge IGCSE Accounting(0452)/O Level Principles of Accounts(7110) Notes.