When a Customer Returns an Item from a Sale on Account

question 7

Multiple Choice

When a customer returns an item from a sale on account, a(n) ____ is completed.

• A)Credit Memo
• B)Return Receipt
• C)Invoice
• D)Sales Receipt

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Definitions:

Just-In-Time Inventory

An inventory strategy companies employ to increase efficiency and decrease waste by receiving goods only as they are needed in the production process.

Inventory Levels

A measure of the quantity of goods and materials on hand in a business at any given time.

Planning

The process of defining goals, establishing strategies, and outlining tasks and schedules to achieve the goals.

Human Resources

The department within a business that is charged with finding, screening, recruiting, and training job applicants, as well as administering employee-benefit programs.