
Concept explainers
The document detailing a sales transaction is known as a(n) ___.(7-1)

To fill: The blank provided for the statement, “The document detailing a sales transaction is known as a(n)_____”.
Answer to Problem 1CR
Solution:
The document detailing a sales transaction is known as an invoice.
Explanation of Solution
An invoice is a bill of sale which is the proof of the transaction. It is a business document used to keep record of the sales and purchases that take place in a firm.
From the seller’s point of view, an invoice is a sales invoice whereas from a purchase’s point of view, it is a purchase invoice. They are used by firms to keep of the sale and purchase of service or merchandise. It contains all necessary details of the transaction.
For example, name of the purchaser, amount of sale, quantity, terms and conditions. Different firms have different invoice containing all required information.
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Chapter 7 Solutions
Contemporary Mathematics For Business & Consumers, Loose-leaf Version
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