Types of Source Documents - SS1 Accounting Past Questions and Answers - page 1
Which of the following is an example of a sales receipt?
A bank statement
A credit note
A document showing the purchase of office supplies
What information is typically found on a purchase invoice?
Date, amount, and description of the items purchased
Date of birth and social security number of the buyer
The weather on the day of the purchase
What is a payroll record?
A legal agreement between parties that outlines the terms of a transaction or arrangement.
A document related to employee wages and salaries.
A record of all transactions on a bank account.
What is the purpose of shipping documents?
To provide information about the shipment of goods.
To provide evidence of a credit issued to a customer.
To show the cost of goods or services purchased for business use.
What is a credit note?
A document that shows the cost of goods or services purchased for business use.
A legal agreement between parties that outlines the terms of a transaction or arrangement.
A document that provides evidence of a credit issued to a customer.
Give an example of a source document related to expenses.
A receipt for travel expenses
How do source documents facilitate the accounting process?
Source documents provide the original record of transactions and events, which can be used to support financial statements, tax returns, and other legal and regulatory requirements. They also help ensure accuracy and completeness in accounting records and facilitate the auditing process.