Within the context of the SharePoint world, a document is a “living” content item, such as Word, Excel, PowerPoint, PDF, Text, etc.  While auditing may be enabled, users may be allowed to Create, Read, Update, or Delete (CRUD) documents depending upon their individual security context.  Through the use of a Document Library, Documents can be versioned.  As opposed to Records, Documents can be changed or deleted (destroyed) with no legal ramifications.