A document sent to a customer at regular price intervals to enable him know his indebtedness to his supplier is known as?
Answer Details
The document that a supplier sends to a customer on a regular basis to inform them of the amount of money they owe is called a "statement." It is a summary of all the invoices that have been issued to the customer, along with any payments made and any outstanding balances.
For example, if a customer buys products on credit from a supplier, the supplier will issue an invoice detailing the items purchased and the amount due. When the payment is made, the supplier will issue a receipt to acknowledge the payment. However, if the customer does not pay the full amount owed, the supplier will send a statement to remind the customer of the outstanding balance.
So, in summary, while an invoice is a document that details a specific sale transaction, a statement is a summary of all the transactions between a customer and a supplier over a given period, usually on a regular basis.