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SS3: COMMERCE - 1ST TERM

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  1. Business and Its Environment | Week 1
    2 Topics
    |
    1 Quiz
  2. Introduction to Marketing | Week 2
    6 Topics
    |
    2 Quizzes
  3. Consumer Protection | Week 3
    1 Topic
  4. Instruments for Protection | Week 4
    9 Topics
  5. Agencies that Educate and Protect Consumers | Week 5
    8 Topics
    |
    2 Quizzes
  6. Business Documents | Week 6
    3 Topics
    |
    2 Quizzes
  7. Means of Payment | Week 7
    5 Topics
    |
    1 Quiz
  8. Commercialization | Week 8
    4 Topics
  9. Privatization | Week 9
    4 Topics



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1. E & OE: Error omission Excepted: This indicates that the supplier has the right to make necessary corrections if it is discovered to have errors, mistakes or omission in the invoice.

2. Net 3 Months: It simply means that there will be no discount after three months.

3. 5% Trade discount: This means that a 5% discount on the price will be given to the buyer if he makes purchases of a large quantity.

4. 2% Cash discount: This means that a 2% cash discount would be allowed on the settlement of the account if the buyer pays cash.

5. Advice Note: This document is used to inform the buyer that the goods ordered have been dispatched. It is basically to inform the customer that the goods are on their way so that he can be ready to receive them. Normally, it is sent ahead of the goods.

6. Proforma Invoice: This document serves as a polite request for payment when a supplier is not willing to sell goods on credit. It can also be used when goods are sent on approval. It is just an ordinary invoice only that it has the expression “Proforma” on it.

7. Delivery Note: This document is sent by the seller to the buyer for acknowledgment of the goods sent and received. It serves as evidence that delivery has been made. A delivery note is used when goods are delivered by the supplier’s means of transportation.

8. Consignment Note: The sender of the goods make and send this document to the carrier and it is countersigned by the consignee (receiver of the goods) on delivery as proof that the goods have been delivered. This document is usually used when an independent carrier is engaged to deliver the goods. It contains the details of goods sent.

9. Debit Note: This document is sent by the seller to the buyer to correct an undercharge in his account or when goods are not charged on the invoice. It is a supplementary invoice.

10. Credit Note: One party to a transaction usually the seller sends this document to correct an overcharge or goods that were charged but have been returned. It is usually printed in red.

 11. Receipt: This is used to acknowledge the receipt of money from the buyer. This document confirms that payment has been made. It is evidence of payment.

12. Statement of Account: It is a document which shows the state of one person’s account with another. It shows details of transactions between the seller and the buyer, the amount paid, and what’s outstanding.

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