Instead of making payments by check, a business can make payments online or by other electronic means. When this is the case, a payment confirmation would be the source document. Payment confirmations are documents serving as proof that payment has been made by electronic transfer payments made through the internet, using a cellphone, computer or other electronic means.
Since more and more payments are made online these days, the payment confirmation is becoming more common as a source document. A statement or statement of account is an itemized report showing the amount owed by one business to another, as well as details of transactions between the two businesses. It is essentially a summary of the financial relationship between two businesses, including any amounts owing.
Another common type of statement and source document is the bank statement , which shows the monthly transactions in your bank account. Before you start, I would recommend to time yourself to make sure that you not only get the questions right but are completing them at the right speed.
Difficulty rating: Beginner. Quiz length: 8 questions. Time limit: 10 minutes. Important: The solution sheet on the following page only shows the solutions and not whether you got each of the questions right or wrong. So before you start, get yourself a piece of paper and a pen to write down your answers.
Once you're done with the quiz and writing down your answers, click the Check Your Answers button at the bottom and you'll be taken to our page of solutions. Good luck!
Please enter the word that you see below. That's it for our lesson on source documents in accounting! Do you know of other source documents not mentioned above? Which source documents do you use in your business? Add a comment further below and let us know. The next step in the accounting cycle is to take the data from the source documents and use this to record a journal entry. When you're ready, feel free to move onto the next lesson on journal entries. Return to the Home Page.
Stay up to date with ABfS! Follow us on Facebook:. Click below to see questions and exercises on this same topic from other visitors to this page Name the Accounts Question: Bills and Receipts Before you begin: For testing and exams it's important to make sure you not only answer questions correctly but also complete them at the right speed.
How do I deal with this? Term Paper. Ben Davis June 2, What are the source documents in accounting? What is a source document in accounting examples? What is the purpose of source document? What are the features of source document?
Are ledgers source documents? Is trial balance a source document? What are source documents give two examples? What are the 8 steps in the accounting cycle? What are the three main branches of accounting? What is recording process in accounting? What is the 4 phases of accounting?
What are basic accounting procedures? Describe each. What are source documents? Give two examples. View Solution: What are source documents Give two examples. Question The financial accounting cycle starts with the identification and recording of business transactions and events collected using source documents. Review the business processes of an organization you are familiar with and identify at least Provide examples of source documents that a business might use.
View Solution: What are source documents Provide examples of source documents that. Order the following steps in the accounting process that focus on analyzing and recording transactions. Record relevant transactions in a journal. Prepare and analyze the trial balance. Analyze each transaction Create an Account and Get the Solution. Log into your existing Transtutors account. Have an account already?
0コメント