Source documents of an accounting system, Financial Management

Assignment Help:

Source documents of an accounting system:

Source documents are those documents that identify the particular transaction that is being recorded.  They act as an internal control procedure to ensure that only valid transactions are recorded into the accounting system and as an audit trail so that individual transactions can be traced if required.

Examples of source documents would be:

  • Invoices: provided by suppliers
  • Receipts: issued by the organisation when payments are made to it
  • Cheques butts: records the payment of accounts
  • Contracts
  • Transaction notification statements: issued when accounts are paid on-line
  • Expense authorisations: usually an internal document authorising the expenditure of petty cash etc

 


Related Discussions:- Source documents of an accounting system

Financial assets, Financial assets: Financial assets/instruments repres...

Financial assets: Financial assets/instruments represent the financial obligations that arise when the borrower raises funds in the financial market. In exchange for the funds

Consolidations of merger - amalgamation, Consolidations of Merger - amalgam...

Consolidations of Merger - amalgamation A consolidation is a combination of two or more companies into a new company. In this form of merger all the existing companies which co

Important features floating rate notes, Reference Index Every FRN choos...

Reference Index Every FRN chooses its own reference index upon which the calculation of each successive new coupon is based. The most commonly used reference index is LIBOR. It

Step by step approach to completing a statement, Step by step approach to ...

Step by step approach to completing a statement of cash flows Step by step approach to completing a statement of cash flows Step 1

Building blocks of a pass-through security, The main aim of securitiz...

The main aim of securitization that was initiated in the late sixties was to resolve problems of mismatch and protect the US mortgage financing system from macroe

Determine the proportion of debt and equity, Q. Determine the proportion of...

Q. Determine the proportion of debt and equity? Financing Decision: - This function is related to increasing of finance from different sources. For this reason the financial ma

Explain dividend policy decision, Q. Explain Dividend Policy Decision? ...

Q. Explain Dividend Policy Decision? Dividend Policy Decision: - The financial management has to make a decision as which portion of the profits is to be distributed as dividen

Illustrate earning yield method, Q. Illustrate Earning Yield Method? Ea...

Q. Illustrate Earning Yield Method? Earning Yield Method: - As per this method, cost of equity capital is calculated by establishing a relationship between earning per share an

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd