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

Factors affecting choice of a minimum cash balance amount, Explain the fact...

Explain the factors affecting the choice of a minimum cash balance amount. The smallest cash balance amount is determined by how easy it is to raise funds when needed, how expe

Enumerate the cash flow statement analysis, Cash flow statement analysis ...

Cash flow statement analysis Cash flow statement is a primary financial statement and shows cash generating ability of the organisation. Cash generated from operations can b

Financial equivalent of the balance, The Federal Minister for the Environme...

The Federal Minister for the Environment is worried about the Greenhouse Effect, one outcome of which would be that Adelaide would have a subtropical climate by the year 2015. This

Average of relatives method, Average of Relatives Method We have seen ...

Average of Relatives Method We have seen the construction of an index number using the aggregates method. In this section, we shall see the construction of an index using the

Determine earnings per share - shares of common stock, SAM Technology had A...

SAM Technology had AED 640,000,000 of retained earnings on December 31, 2012. The company paid common dividends of  AED 30,000,000 in 2012 and had retained earnings of  AED 500,000

Interpretations of activity ratio''s, Activity Ratio's   RT:        ...

Activity Ratio's   RT:           The Receivables Turnover ratio is the ratio between sales to accounts receivables. This says exactly how fast a company can collect on the s

What is the primary assumption behind experience approach, What is the prim...

What is the primary assumption behind the experience approach to forecasting? The experience act to forecasting is based on the assumption that things will happen a certain way

Finance: Scenario Analysis, Scenario analysis Your firm, Agrico Products, i...

Scenario analysis Your firm, Agrico Products, is considering a tractor that would have a cost of $35,000, would increase pretax operating cash flows before taking account of deprec

Expected value application in finance - project evaluation, Project Evaluat...

Project Evaluation The expected value calculations are crucial to project investment decisions. The following example explains the use of probabilities in project evaluation.

Brigham, how do legal consideration affect a firms credit policy

how do legal consideration affect a firms credit policy

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