Accounting Fundamentals Certification (AFC) Practice Test

A receipt is the source document that serves as proof of payment made by a consumer towards their account. It typically includes important details such as the date of the transaction, the amount paid, a description of the goods or services, and can also contain information about the method of payment used. This documentation is essential for both the consumer and the business, as it confirms that the payment has been received and is often used for record-keeping and reconciliation purposes.

In contrast, other options serve different purposes. An invoice is a request for payment and outlines the amount owed, but it is issued before payment is made. A purchase order is a document generated by the buyer to authorize a purchase, not related to the payment itself. A credit note is issued to indicate a reduction in the amount owed, usually after a return or adjustment, which also does not serve as proof of a payment transaction.