Meaning of Source Documents - SS1 Accounting Past Questions and Answers - page 1
What are source documents?
Materials or records that provide evidence of a transaction or event
Materials or records that provide evidence of an employee's work hours
Materials or records that provide evidence of a company's assets
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What is the purpose of source documents?
To provide a verifiable and reliable record of transactions and events
To replace financial statements and tax returns
To facilitate employee performance evaluations
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Which of the following is an example of a source document?
Employee evaluation form
Sales report
Invoice
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Why are source documents important in accounting?
They help ensure accuracy and completeness in accounting records
They are required by law for every business transaction
They are used to calculate employee salaries
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How can source documents be used to support financial statements?
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How do source documents facilitate the auditing process?
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