MOD 8 - Source documents Flashcards
what are source documents ?
they are proof that a transaction took place
name 4 things that a source document provides
1 the purpose of the transaction
2 who was involved in the transaction
3 the date the transaction took place
4 the amount of money exchanged
what is a receipt ?
proof that the client made payment and that the business received it. usually the business keeps the copy and the client keeps the original.
what is a cash register slip/ till slip ?
a little piece of paper with details of the transaction that took place
define what a cash invoice is
they mostly contain more information than a cash register slip, but this is also a request for payment
what are checks ?
a request someone wrights to the bank , asking to take money from their account and transfer it to a specific person/ business
counterfoils ?
a small bit of the check that stays behind in the checkbook when you tear it out
what is a bank statement ?
tracks the amount of money in the account over time
the bank that will exchange the cheque for money is known as the …
drawee
the person that writes out the cheque to make payment is also known as …
drawer
the person that receives the cheque and can exchange it for money is also known as …
payee
