Uses of source documents

Business Studies

SOURCE DOCUMENTS

MEANING OF SOURCE DOCUMENTS Source documents are the first sources of information from which accounting books are prepared. They are the records of cash and credit transactions. Source documents provide detail information for the preparation of books of accounts. From the source documents, the book keeper collects and arranges items of transactions for his bookkeeping. […]

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paper 1100254 1920

SOURCE DOCUMENTS AND THEIR USES

A source document is the original record of transaction.it states the basic facts of the transaction such as its date, purpose (description of transaction), quantity of the goods exchanged, amount of money involved, name of the seller and buyer and so forth.   Uses of source documents For record purposes For accounting purposes For auditing

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