Final answer:
A Collection Voucher (CV) is a form used in business to record details of funds collected from customers. It includes information such as the amount received, date, customer name, and purpose of payment.
Step-by-step explanation:
In the context of business, a Collection Voucher (CV) refers to a form that is used to record the details of funds collected from customers or clients. It is typically used when a business receives payments in cash or check for goods or services provided. The CV includes information such as the date, amount received, customer name, and purpose of the payment.
For example, let's say you have a clothing store and a customer comes in to purchase a shirt. They pay $20 in cash, and you issue them a Collection Voucher as a receipt for their payment. The CV would include details such as the date of the transaction, the $20 amount, the customer's name, and the description 'payment for shirt.'
Collection Vouchers are important for businesses to maintain accurate records of their transactions and to provide documentation for both the business and the customer.