ch-7

Question 1

What are source documents/Source voucher

Answer 1

It is a written document evidencing the transaction and contains details of the transaction.

Question 2

Define accounting voucher

Answer 2

It is a written document prepared on the basis of source document showing the account debited/credited

Question 3

Define cash voucher

Answer 3

It is used for cash transactions

Question 4

Define debit voucher

Answer 4

It is prepared when payment is made

Question 5

Define credit voucher

Answer 5

It is prepared when cash is received

Question 6

Define transfer voucher

Answer 6

Transfer voucher are used for recording non-cash transactions like goods returned, etc

Question 7

What are the features of source voucher

Answer 7

1. Written document
2. Contains complete details of the transaction
3. Proof of a transaction having taken place
4. Generally for a business transaction
5. Signed by the maker

Question 8

What are the features of accounting voucher

Answer 8

1. Written document
2. Prepared on the basis of source document
3. Analysis of a transaction
4. Prepared/signed usually by an accountant and countersigned by the authorised signatory
5. In case of cash/Bank voucher, it is a receipt