Importance of receipts It’s a legal proof of payment.
It shows ownership.
It’s an evidence of payment.
2a. METHODS OF BUYING AND SELLING OF GOODS AND SERVICES Description or grade: under this method, the buyer relies on the statement made by the seller. For example, a pharmaceutical company state what sickness a drug cures. Other sellers of other goods state the weight or quantity of their goods e.g., a bag of rice, a tin of milk, etc.
By inspection:with this method, the buyer sees the actual goods he/she wishes to buy and may test it. E.g. phone displayed in phone stores. The buyer’s impression about the phone will determine whether he/ she will buy the goods or not.
By sample: this is when the buyer is shown a part or an exact copy of the goods he/she wishes to buy. The buyer sees and feels the quality of the sample before making any purchase, example textiles.
By auction:this refers to public sale in which goods are sold to the buyer who offers the highest price that is the highest bidder. The person who conducts the auction sales is called the auctioneer and receives commission for his/her services. Government uses auction sales to sell goods seized by the customs authority, example, and imported contra band goods. Also, commercial banks use this method to sell properties of those who default in their loan repayment.
