A statement of account is a

• list of all the goods sold to a customer

• summary of all transactions over a period

• refund of an overcharge made

• letter advising customers that have not paid their accounts

If a customer receives a credit note from a supplier, this means

• their account is no longer in credit

• they need to make a further payment

• they have been overcharged by the seller

• they have been undercharged by the seller

A ____________ ______________is an internal request for supplies.

The ________________________ is a summary of all the transactions which occurred over a period.

• statement of account

• invoice

• pro forma invoice

• credit note

After the supplier agrees to supply the order, the goods

are delivered with an _______________ showing the cost of the order.

• invoice

• pro-forma invoice

• debit note

• credit note

The simple system, used to record to movement of stock. This system can be either manual or digital.

• statement of account

• stock card

• invoice

• debit card

Credit notes are issued for which of the following reasons

• when goods are returned to the seller

• when there was an overcharge on the goods

• when there was an undercharge

• when faulty goods are returned to the seller

The ____________________ is sent by the supplier in response to the request made by the purchasing department for supplies. It includes the cost & quantity of goods requested.

• credit note

• statement of account

• invoice

• pro-forma invoice

The ___________ is issued to the supplier identifying what is being purchased by the buyer. It is sent by the purchasing department.

• purchase requisition

• pro-forma invoice

• purchase order

It is important for a business to monitor and record changes in stock levels to ensure it does not run out of goods to meet the needs of customers.

• True

• False