Business Document Quiz

What document is usually sent every month from the supplier to the customer, listing all the transactions between them during that month?

• Invoice

• Receipt

• Statements

• Credit note

Manish buys goods on credit from Lisa but finds that some of them are faulty. What document would Manish return to Lisa with the faulty goods?

• Statement

• Debit notes

• Sales invoice

• Purchase invoice

What business document provides proof of payment for a business transaction?

• Invoice

• Receipt

• Claim

• Debit notes

Which of the following is NOT a content of the Sales Invoice?

• Business’s name, address, Registration number and Contact number.

• Invoice date and number

• Reason for selling goods to customer

• Customer’s name, address and account reference number.

What is the function of a credit sales invoice which a customer has received from a supplier?

• It is a receipt for money paid

• It is a demand for immediate payment by supplier

• It is a record of goods purchased by customer

• It is a demand for payment within an agreed time from the supplier.

Which of the following correctly defined the term “debit note”?

• A note issued by a supplier to a customer to demand payment in full for goods supplied.

• A note issued by a customer to a supplier to request for a credit note.

• A note issued by a customer when goods are delivered.

• A note issued by a customer informing the supplier to cancel an invoice received.

What is the purpose of remittance advice?

• To indicate items now paid

• To identify goods received

• To advice remittance received

• To Issue when goods are despatched

Which of the transaction involves small cash transactions?

• Payment to rent owner

• Petty cash

• Purchase of raw materials

• Sales receipts

The prime document used for recording petty cash into cash book is:

• An invoice

• A till roll receipt

• IOU slips

• Petty cash voucher

Which of the following are reasons for implementing Document Retention policy?

• All above

• II, III and IV

• I, III and IV

• I & III