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

Explain about the valuing securities, Explain about the Valuing Securities ...

Explain about the Valuing Securities Objective of any investor is to maximise expected returns from his investments, subject to various constraints, primarily risk. Return is m

Explain the capital market process, Question 1 State the key functions of ...

Question 1 State the key functions of the financial market. Question 2 Define "Bill of exchange". What are its features? Give different types of cheques. Question 3

Explain about routine functions, Q. Explain about Routine Functions? Ro...

Q. Explain about Routine Functions? Routine Functions: - The routine functions are Supervision of cash receipts and payments. Opening Bank Accounts as well as managing them Saf

What is share exchange, What is Share exchange    Predator company off...

What is Share exchange    Predator company offers their shares in exchange for target company's shares. So target shareholders become part of predator shareholders and so have

Evaluate accounting rate of return and net present value, Citilink has a bu...

Citilink has a business line currently owns and runs 350 sightseeing buses and has a turnover of $10 million per annum. The current system for allocating jobs to drivers is very i

Explain what happen when government imposes a minimum price, Explain what w...

Explain what will happen while the government imposes a minimum price that is below the market equilibrium price. Why is this true? The minimum price will comprise no impact on t

Explain cash flow budget and npv in lkl plc, LKL PLC Project VZ (...

LKL PLC Project VZ (a) Cash Flow budget and NPV WORKINGS

Correlation among stock index returns, Correlation Among Stock Index Return...

Correlation Among Stock Index Returns Correlation among stock Index Returns can be defined as the extent to which the values of different types of investments move in tandem wi

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