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Source Documents (Part - 1) Accountancy Video Lecture - Commerce
FAQs on Source Documents (Part - 1) Accountancy Video Lecture - Commerce
| 1. What are source documents in accounting? |  |
Ans. Source documents in accounting are original records that provide evidence of a financial transaction. They include invoices, receipts, bank statements, purchase orders, and other documents that support the entries made in the accounting system.
| 2. Why are source documents important in accounting? | |
Ans. Source documents are important in accounting as they serve as evidence for every financial transaction. They provide details such as the date, amount, parties involved, and nature of the transaction. These documents ensure accuracy and reliability in financial reporting and help in auditing and resolving any discrepancies.
| 3. How should source documents be organized and stored? | |
Ans. Source documents should be organized and stored in a systematic manner for easy retrieval and reference. It is recommended to categorize them by type, such as invoices, receipts, or bank statements. They can be stored physically in labeled folders or electronically in a secure and easily accessible digital filing system.
| 4. Can source documents be altered or tampered with? | |
Ans. Source documents should never be altered or tampered with as they serve as the original evidence of a financial transaction. Any changes made to source documents can be considered fraudulent and can lead to serious legal and ethical consequences. It is important to maintain the integrity and authenticity of these documents.
| 5. How long should source documents be retained? | |
Ans. The retention period for source documents may vary depending on legal requirements and business needs. Generally, it is recommended to retain source documents for a minimum of 5 to 7 years. This allows sufficient time for audits, tax assessments, and any potential disputes or investigations. It is important to consult with local regulations and professional advice to determine the specific retention period for source documents.
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Dec 23, 2024 Last updated |
Source Documents (Part - 1) Accountancy for Commerce2024 is part of Commerce preparation. The notes and questions for Source Documents (Part - 1) Accountancy
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