Invoice
The term 15% 12 days, 5% one month
If you pay within 12 days you get a 15% discount and if you pay by the end of the month you get a 5% discount.
This document is sent at the end of the month and summarizes all of the transactions between the seller and the buyer for a particular month.
What is a Statement of Accounts
A slip of paper which instructs your bank (the drawee) to pay money or transfer money from your account to a company or another person (the payee) named by you (the drawer).
What is a cheque?
True/False There are 10 local trade documents.
What is False?
The type of discount that encourages persons to pay early.
What is a cash discount?
DATE TRANSACTIONS DEBIT CREDIT BALANCE
01-Mar-08 Balance b/d $25,000
02-Mar-08 Cheque # 14 80.00 $
13-Mar-08 Cheque from G 650.70 $
The balances are
What is $ 24,920 and $25,570.70
The person or business MAKING the payment and the person or business RECEIVING the payment
What is a The Drawer and The Payee
This document is sent from the buyer to the sender to find out information about goods and services.
What is a Letter of Inquiry?
7 cases Assorted Chips $10.00 =
10 cases Juicebowl Drinks $11.99 =
What is $70 and $119.9
The position of the statement of account in the document flow.
What is 8th position?
The 4 types of cheques.
What is an Open Cheque, Post Dated Cheque, Dishonored Cheque, Crossed Cheque?
The buyer sends this document to the sender to officially purchase their goods.
What is an Order?
FOB and VAT
What is Free on Board and Value Added Tax
Yes/No If the statement of account does not have a zero '0' balance has the bill been paid?
What is No?
Two Reasons for Dishonored Cheque.
What is Insufficient funds in the account OR The amount in words and the amount in numbers do not match OR Six months have elapsed since the date on the cheque OR The signature of the drawer maybe different OR The cheque might have been stopped by the drawer OR The cheque is post-dated
When the purchaser’s credit worthiness is not known by the supplier.
What is a Pro forma Invoice?
This is a bill for goods that were delivered to the buyer. It lets the buyer know how much he/she owes the seller for a particular shipment of goods.
What is an Invoice
Unscramble the word: tmnseteta fo tnacuco
What is Statement of account?
The first and second steps in the cheque clearing process.
What is Drawer, writes a cheque.
The seller has the right to correct any errors found.
What is E and OE OR Error and Omissions Expected.