👉 In accounting, a bill is a statement or document that outlines a transaction or service. It records an amount of money paid for a good or service and the amount received as compensation from another party. The bill can be used to record transactions in a business or to make payments for goods or services. For example: Bill: Invoice for 20% discount on a product Amount: $1,500 Discount Percentage: 20% In this case, the bill reflects that