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Accountancy question from FAA exam, 2024 by JKSSB

Which of the following business documents is a proof of payment for a business transaction?

Last updated May 13, 2026
Correct Answer: Option A — Receipt
Why a Receipt is Proof of PaymentIn the lifecycle of a business transaction, different documents serve different purposes. A Receipt is specifically issued by the seller to the buyer after the payment has been received. It serves as the final evidence that the financial obligation has been settled.Receipt: Confirms that "money has been changed hands." It includes the date, amount, and the method of payment (cash, check, or card).Invoice (Option B): This is a request for payment. It shows the amount owed for goods or services provided, but it is not proof that the payment was actually made.Debit Note (Option C): This is a document sent by a buyer to a seller (or vice versa) to inform them that their account is being debited. It is usually used for returning goods or correcting overcharges, not as a final proof of payment.
Answer verified by Quintessence Classes faculty — Karan Nagar, Srinagar.

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JKSSB FAA 2024

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Exam JKSSB
Recruitment FAA
Year 2024
Subject Accountancy
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