accounting information system and source documents

Question 1

accounting cycle

Answer 1

identify and record
adjust
report and close

Question 2

accounting info system

Answer 2

source documents
journal
ledge
trial balance
financial statements

Question 3

purpose of source documents

Answer 3

-provide evidence that transactions have taken place
-provide details of transaction needed for recording

Question 4

purpose of invoice

Answer 4

informs credit customers of the amount owed after business sold goods or provided services on credit

Question 5

purpose of credit note

Answer 5

reduce the amount owed by credit customers who were previously overcharged or after good were returned to the business

Question 6

purpose of debit note

Answer 6

increases amount owed by credit customers who were previously undercharged

Question 7

purpose of receipt

Answer 7

acknowledges payment received from credit customers

Question 8

purpose of payment voucher

Answer 8

processes payment to credit suppliers

Question 9

purpose of remittance advice

Answer 9

informs credit suppliers that payment by cheque has been made for a specific invoice

Question 10

purpose of bank statements

Answer 10

checks and tallies against the business records of its cash at bank account

Question 11

what is the source document used for cash sales and cash purchase?

Answer 11

receipt

Question 12

what is the source document used for credit sales and credit purchase?

Answer 12

invoice

Question 13

what is the source document used for receipt of money?

Answer 13

receipt, bank statement, remittance advice

Question 14

what is the source document used for payment of money?

Answer 14

receipt, bank statement, payment voucher

Question 15

what is the source document used for return of inventory/overcharges?

Answer 15

credit note

Question 16

what is the source document used for undercharges?

Answer 16

debit note