U3, AOS 1 - KK2 - Source Documents Flashcards
What is the purpose of accounting source documents?
To provide evidence and details of financial transactions.
True or False: Source documents are only used for income transactions.
False
Fill in the blank: A ________ is a document that records the sale of goods or services.
invoice
Which of the following is NOT a type of accounting source document? A) Receipt B) Invoice C) Balance Sheet
C) Balance Sheet
What information is typically found on a receipt?
Date of transaction, amount paid, and description of goods or services.
True or False: Purchase orders are used to initiate a purchase transaction.
True
What is a bank statement used for in accounting?
To reconcile bank transactions and verify cash balances.
Fill in the blank: A ________ is a document that confirms a customer’s order and specifies the items to be purchased.
purchase order
What is the role of a delivery note?
To confirm that goods have been delivered to the customer.
True or False: Source documents must be kept for a specified period for audit purposes.
True
Which source document would you use to track employee salary payments?
Payroll records
What does a credit note signify?
It indicates a reduction in the amount owed by a customer due to returns or discounts.
Fill in the blank: A ________ is often used to record cash payments received.
cash receipt
What is the main feature of accounting source documents?
They provide verifiable proof of transactions.
True or False: All accounting source documents are digital in modern accounting practices.
False
What type of source document is essential for tracking sales tax collected?
Sales invoice
Which document would you refer to for verifying a customer’s payment history?
Customer account statement
Fill in the blank: Source documents help ensure ________ in financial reporting.
accuracy
What is the importance of maintaining source documents in accounting?
They serve as the basis for journal entries and financial statements.
True or False: Source documents are optional for small businesses.
False
