What is a receipt, and when is it issued?

• A. A document confirming a delivery date to the customer.
• B. Proof of payment issued by the seller to the buyer after payment.
• C. A warranty certificate for goods purchased.
• D. A request for payment due to goods returned.

Answer: (B)

A receipt is a document that confirms payment has been received for goods or services and is issued by the seller to the buyer after payment is made. It records details of the transaction—such as the date, items or services bought, the amount paid, tax where applicable, and the method of payment—and serves as proof of payment and a basis for accounting or returns. A receipt is produced once the payment is completed, not before. Other documents that might come up in this context include something describing when a delivery will occur, which is a delivery note or schedule; a warranty certificate, which provides protection for the purchase; and a payment request for goods returned, which is a demand or credit process rather than proof that payment has occurred.