Commerce Exam > Commerce Notes > Very Short & Short Answer Questions - Origin of transactions: Source Documents
Very Short & Short Answer Questions - Origin of transactions: Source Documents - Commerce PDF Download
VERY SHORT ANSWER QUESTIONS
Q1. What are source documents of accountancy?
Ans: Source documents are the first record about the details of a business transaction. Such documents report the date, the amount, parties involved and the nature of the transaction. Entries in the books ant always made from the source documents,
Q2. Name any two source documents.
Ans:
(i) Cash Memo
(ii) Invoice
Q3. What is an invoice?
Ans: An invoice or bill is prepared by the seller of goods when he sells goods on credit, it contains the name. of
the party to whom goods are sold, the rate, quantity and the total amount of sale.
Q4. What is a Cheque?
Ans: A cheque is an order in writing drawn upon a bank to pay a specified sum to the bearer or the person named in it.
Q5. Give an example of a Voucher.
Ans: Debit Voucher.
Q6. What is a Compound Voucher?
Q7. Name the two types of Vouchers.
Ans: CO Debit Voucher, (U) Credit Voucher,
Q8 . What are the types of vouchers?
Ans:
(i) Cash Vouchers and Non-Cash Vouchers
(ii) Debit Vouchers and Credit Vouchers
Q9. Is ‘Cash Memo’ a source document or an Accounting Voucher? (Delhi 2010)
Ans: Cash Memo is a source document prepared by the seller of goods for cash.
Q10. How an Accounting Voucher is prepared?
Ans: Accounting Voucher is prepared on the basis of source voucher after analysing and determining accounts to be debited and credited.
Q11. Why is the evidence provided by source documents important to accounting?
Ans: These documents are written and authentic proof of the correctness of recorded transaction. They are required for audit of accounts and tax investments. They also serve as legal evidence in case of a dispute.
Short Answer Type Questions
Q1. What is a Source Document?
Q2. Explain any two Source Documents.
Q3. What are Accounting Vouchers?
Q4. What are the types of Accounting Vouchers?
Or
Name the two types of vouchers
Q5. What is a Voucher? Prepare an imaginary Specimen of Voucher.
Q6. Give an example of a ‘Voucher’
Q7. What is a Voucher? Prepare an imaginary specimen of a Voucher.
Q8. Prepare a debit voucher for furniture purchased for Rs 80,000 from Global Furniture Mart on 02-04-07.
FAQs on Very Short & Short Answer Questions - Origin of transactions: Source Documents - Commerce
| 1. What are source documents in commerce? |  |
Ans. Source documents in commerce refer to the original records that provide evidence of a transaction. These documents include invoices, receipts, purchase orders, delivery notes, bank statements, and contracts. They serve as the starting point for recording transactions in the accounting system.
| 2. Why are source documents important in commerce? | |
Ans. Source documents are essential in commerce as they provide evidence and support for financial transactions. They help ensure accuracy and completeness in recording transactions, assist in tracking the flow of goods and services, and serve as a reference for auditing and compliance purposes.
| 3. What is the role of source documents in financial reporting? | |
Ans. Source documents play a crucial role in financial reporting as they provide the necessary information to prepare financial statements accurately. These documents provide details of the transactions such as dates, amounts, parties involved, and terms. They serve as evidence and support for the recorded transactions in the financial statements.
| 4. How do source documents help in maintaining accountability in commerce? | |
Ans. Source documents help maintain accountability in commerce by providing a trail of evidence for each transaction. They ensure that there is documentation for every financial activity, making it easier to track and verify the accuracy of transactions. This transparency helps prevent fraud, errors, and misappropriation of funds.
| 5. What are some common examples of source documents in commerce? | |
Ans. Some common examples of source documents in commerce include sales invoices, purchase orders, bank statements, receipts, credit notes, delivery notes, and contracts. These documents provide evidence of various types of transactions, such as sales, purchases, payments, and deliveries.
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