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 death benefit, Q. Explain about Death Benefit? Death Bene...

Q. Explain about Death Benefit? Death Benefit - Amounts received under a life insurance contract and paid by reason of death of the insured. (Even though most death benefits ar

Opperating cyles, discuss the applicability of operating cycles of vegetabl...

discuss the applicability of operating cycles of vegetable growing

Explain the strategic alliance, Explain the Strategic alliance Two  or ...

Explain the Strategic alliance Two  or  more  organisations  agree  to  work  and  collaborate  informally  together  however remaining  independent  from  one  another. Simila

Income statement, Income Statement A formal statement of the parts...

Income Statement A formal statement of the parts used in determining an organization net income that is called profit and loss statement. The several categories reported

What do you mean by variable working capital, Q. What do you mean by Variab...

Q. What do you mean by Variable working capital? Permanent or fixed: Permanent or fixed working capital is the minimum amount which is required to ensure effective utilization

Yield spread strategies, Bond market can be classified into various s...

Bond market can be classified into various segments based on the nature of characteristics such as type of issuer (central bank, corporate etc.), credit risk (ris

Put, Put This is an agreement which is allowing a holder of privacies t...

Put This is an agreement which is allowing a holder of privacies to sell them back to the issuer at a specified amount during a specified time interval. This technique protects

What is the modigliani-miller''s irrelevance hypothesis, What is the Modigl...

What is the Modigliani-Miller's irrelevance hypothesis in dividend decision making? Critically evaluate its assumption.

Wha is asset turnover- performance ratios, Wha is Asset turnover- performan...

Wha is Asset turnover- performance ratios Asset turnover = Turnover/ Total assets or capital employed This demonstrates how much sales are generated for every £1 of capit

Example on walters dividend model, Q. Example on Walters dividend model? ...

Q. Example on Walters dividend model? Example: - The following information is obtainable in respect of a firm: Capitalisation Rate (Ke)                     = 10% Earning

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