Source Documents

Question 1

What are source documents?

Answer 1

Source documents are the primary source of information from which the books of account are prepared.

Question 2

State 5 importance of source documents

Answer 2

1.For recording purposes
2.For accounting purposes
3.For auditing purposes
4.For legal purposes
5.For reference purposes

Question 3

What are 6 features of source

Answer 3

1.Date of transaction
2.Name and address of parties involved in the transaction
3.Description of goods or services
4.Terms and conditions involved in the trade
5.Amount involved
6.Signature of the parties involved

Question 4

What are 8 types of source documents

Answer 4

Invoice, cheque, credit note, debit note, return inward, return outward, cheque, deposit or withdrawal slips.

Question 5

Explain at least six of the source documents