Test: Business Documents - Year 11 MCQ

A debit note is issued by a customer to request a decrease in the invoice balance, typically due to damaged goods, incorrect shipments, or missing items.

A credit note is issued by a supplier to a credit customer to reduce the balance on an invoice, documenting returns or adjustments.

A statement of account displays all transactions between a customer and supplier within a specified timeframe, including opening balance, purchases, returns, payments, and closing balance.

A paying-in slip is used to deposit cash and/or cheques into a bank account, serving as a record of the deposit transaction.

A bank statement provides a comprehensive record of financial transactions during a specific period, including inflows and outflows of money.

A direct debit is used by businesses to make regular payments through automated bank transfers, allowing for flexibility in payment amounts and dates.

A receipt serves as proof of a cash payment made by a customer, documenting the transaction.

A supplier issues a credit note to a customer to reduce the balance on an invoice, typically for returned goods or adjustments.

A customer would use a debit note to request a reduction in the invoice balance due to damaged goods, incorrect shipments, or missing items.

A cheque counterfoil contains basic details of the cheque issued, such as the payee's name, amount, and date, serving as a record of the payment transaction.