A receipt is an evidence of

Assessment: JAMB UTME - Principles of Accounts - 2016 Subject: Financial Accounting

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A receipt is an evidence of
Answer Details
A receipt is an evidence of payments. It is a document that serves as proof of a financial transaction between a buyer and a seller. When someone makes a purchase, the seller provides a receipt which contains details such as the items purchased, the quantity, the total amount paid, and the date of purchase. The receipt is important because it shows that the buyer has paid for the goods or services they received, and can be used to resolve any disputes or issues that may arise regarding the transaction. Overall, a receipt is an important record of a financial transaction and serves as evidence of payment.
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