BUSINESS ADMINISTRATION
FINANCIAL ACCOUNTING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Without a receipt you cannot return your purchase.
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The receipt helps enforce separation of duties procedures
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Without a receipt you increase the likelihood of fraud or theft.
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The receipt is the only record that the sale was made.
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Detailed explanation-1: -No matter how you choose to give them out, receipts are an important proof-of-purchase document for both customers and businesses. Customers need receipts in case they have any issues with a product or want to return or exchange it, and you need to be able to verify that a customer’s claims are correct.
Detailed explanation-2: -Receipts are an official record that represents proof of a financial transaction or purchase. Receipts are issued in business-to-business dealings as well as stock market transactions. Receipts are also necessary for tax purposes as proof of certain expenses.
Detailed explanation-3: -Identify sources of your income You will receive money or property from many sources. Your records can identify the sources of your income. You need this information to separate business from nonbusiness receipts and taxable from nontaxable income.
Detailed explanation-4: -Proper receipts will help you separate taxable and nontaxable income and identify your actual deductions. Keep track of deductible expenses: In business, things get busy-and that is a good thing. Keeping receipts of all your transactions will help you claim all of your possible deductions.
Detailed explanation-5: -Cash receipts should state exactly what a customer bought and the price of that item beside it. This will likely take up a vast amount of room on the receipt. It is the most significant part because it allows the customer and vendor to reference exactly what was bought and sold, and correct any discrepancies.