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Source Documents (Part - 2) Accountancy Video Lecture - Commerce
FAQs on Source Documents (Part - 2) Accountancy Video Lecture - Commerce
| 1. What are source documents in accounting? |  |
Ans. Source documents in accounting are the original records that provide evidence of a financial transaction. These documents include invoices, receipts, bank statements, purchase orders, and sales contracts. They are used to support the recording of transactions in the accounting system.
| 2. Why are source documents important in accounting? | |
Ans. Source documents are important in accounting because they serve as evidence and support for the financial transactions recorded in the books of accounts. They provide a reliable and verifiable trail of information that can be used for auditing, financial analysis, and reference purposes. Source documents also help ensure accuracy and accountability in the accounting process.
| 3. How should source documents be organized and stored? | |
Ans. Source documents should be organized and stored in a systematic and secure manner. They should be labeled and filed chronologically or by category, making them easily retrievable when needed. It is recommended to keep both physical and digital copies of source documents and store them in a safe and protected environment to prevent loss, damage, or unauthorized access.
| 4. Can source documents be altered or modified after they are created? | |
Ans. Source documents should not be altered or modified after they are created, as they are considered legal and authentic records of transactions. Any changes made to the original source documents may raise concerns about the accuracy and integrity of the accounting records. Instead, any corrections or adjustments should be made through proper accounting procedures and clearly documented.
| 5. How long should source documents be retained for accounting purposes? | |
Ans. The retention period for source documents varies depending on legal and regulatory requirements, as well as business needs. In general, it is recommended to retain source documents for a minimum of five to seven years. However, certain documents such as tax returns, contracts, and legal agreements may need to be retained for a longer period. It is advisable to consult with a legal or accounting professional to determine the specific retention requirements for your business.
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Nov 08, 2024 Last updated |
Source Documents (Part - 2) Accountancy for Commerce2024 is part of Commerce preparation. The notes and questions for Source Documents (Part - 2) Accountancy
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