U1 AOS2: KK1 - Source Documents (A)

Question 1

The Role of Source Documents

Answer 1

1. Provide verifiable evidence of a transaction.
2. Provide evidence required by the ATO relating to a firm’s income tax and GST obligations

Question 2

Which source document would be provided in return for a cash sale?

Answer 2

Cash receipt

Question 3

True or False: An EFTPOS payment would count as a cash sale

Answer 3

True

Question 4

What source document would be received in return from a credit transaction?

Answer 4

Invoice

Question 5

A cheque would be considered to be used for a ___________ payment

Answer 5

Cash

Question 6

True or false: A bank statement may include transaction which you do not have a source document to verify

Answer 6

True

Question 7

The source document for a credit sale would be

Answer 7

A sales invoice

Question 8

A purchase invoice is provided when

Answer 8

A business purchases from a supplier on credit.

Question 9

The source document used for internal transactions within a business is known as a

Answer 9

Memo