Source Documents Flashcards
1
Q
Source Documents
A
pieces of paper that provide both the evidence that a transaction has occurred, and the details of the transaction itself.
2
Q
What does GST stand for?
A
Goods and Services Tax
3
Q
GST
A
10% tax levied by the federal government on sales of goods and services
4
Q
Cash Reciepts
A
- Source document used to verify cash received
2. a transaction that occurs when cash is received from another entity.
5
Q
Drawee
A
financial institution or bank of the drawer
6
Q
Drawer
A
the entiting writing the cheque
7
Q
Payee
A
the entitee that is receiving the cheque or to whom the cheque is written
8
Q
Not Negotiable
A
a control mechnamism that ensures the cheque can only be deposited into the account of the nominated payee
9
Q
Cheque Butt
A
a source document used to verify cash payments
10
Q
Invoice
A
A source document used to verify credit transactions
