Future Business Leaders of America (FBLA) Accounting Practice Test

What is a sales slip?

1. A form listing details of a sale

2. A report of sales tax collected

3. A ledger entry for accounts receivable

4. A type of credit agreement

The correct answer is: A form listing details of a sale

A sales slip is essentially a document that details the specifics of a transaction between a seller and a buyer. It typically includes key information such as the date of the sale, the items purchased, their prices, and the total amount paid, which can be crucial for both record-keeping and customer reference. This makes it an important tool for the tracking of sales activities and inventory management. Options like a report of sales tax collected or a ledger entry for accounts receivable involve different aspects of accounting and reporting that are not directly related to the immediate transaction itself, but rather to the financial implications and documentation associated with it. A type of credit agreement is also not suitable in this context, as it pertains to the terms under which credit is extended, rather than a record of a sale already completed. Overall, the sales slip serves as a primary documentation of the sales transaction, making it the correct choice.