Sales Transactions Quiz AAT L2

What is one of the documents used to verify sales transactions?

• Remittance advice

• Purchase order

• Delivery note

• Packing slip

Who issues sales invoices and credit notes?

• The buyer

• The seller

• The bank

• The accountant

What is checked for discrepancies in overpayment and underpayment?

• The delivery schedule

• The product quality

• The documents

• The customer feedback

What is the purpose of an invoice in financial documents?

• To issue a refund to the buyer

• To set out details of a credit purchase

• To summarize all payments received

• To calculate the total amount owed

When is a credit note issued?

• When a buyer makes a purchase

• When a buyer is owed a refund

• When a payment is overdue

• When a new invoice is created

What information does a customer statement provide?

• Details of a single purchase

• A list of all products sold

• All invoices, credit notes, and payments received

• The date of the next payment

What is the primary purpose of a remittance advice?

• To provide a receipt for a purchase

• To advise the sending of payment to the seller’s bank account

• To confirm a delivery date

• To request a refund

Which method is NOT commonly associated with remittance advice?

• Bank transfer

• BACS

• Faster payment

• Accompanying a cheque

What is the purpose of checking the details on the remittance advice against the sales documentation and Receivables ledger account?

• To ensure faster payments

• To avoid errors or discrepancies

• To increase sales

• To reduce transaction fees

What is remittance advice associated with in the context of the image?

• Slower payments

• Faster payments

• Cash payments

• Credit payments