Understanding Receipts and Payments

What is a receipt?

• A document that records a payment made

• A document that records a payment received

• A document that records a future payment

• A document that records a payment request

Which of the following is a type of receipt?

• Invoice

• Credit note

• Cash receipt

• Purchase order

What is the primary purpose of a receipt?

• To request payment

• To provide proof of purchase

• To calculate taxes

• To record inventory

Which of the following is NOT a type of receipt?

• Sales receipt

• Gift receipt

• Delivery note

• Debit note

What information is typically found on a receipt?

• Customer's bank details

• Date of transaction

• Employee's home address

• Supplier's tax code

How should payments be recorded in a business?

• In a personal diary

• In a ledger or accounting software

• On a whiteboard

• In a text message

What is the term for a payment made in advance?

• Deferred payment

• Prepayment

• Instalment

• Overdue payment

Which of the following is a method of recording payments?

• Cash basis accounting

• Accrual basis accounting

• Both A and B

• Neither A nor B

What is a common method for businesses to receive payments?

• Barter system

• Direct debit

• IOU notes

• Verbal agreement

Which document is used to request payment from a customer?

• Receipt

• Invoice

• Credit note

• Statement of account