What Is Difference Between a Sales Receipt and an Invoice

question 13

Multiple Choice

What is difference between a Sales Receipt and an Invoice?

• A)Sales Receipts include cash sales and credit card sales;Invoices are used to record customer sales that are paid for later.
• B)Sales Receipts are used for customer sales on account;Invoices are used for cash sales and credit card sales.
• C)Sales Receipts and Invoices use the same QB Online selection -- Bills.
• D)Sales Receipts and Invoices use the same selection as vendor payments on account - Pay Bills.
• E)None of these.

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Definitions:

Trade Discount

A reduction in the retail price offered by sellers to buyers in the trade as an incentive or reward for buying in bulk or meeting certain conditions.

List Price

The price quoted by a supplier of a product before any trade discounts.

Net Price

The price paid after the deduction of trade discounts.

Notation

A system of symbols used to represent information, often used in financial documents to denote specific types of transactions or accounts.