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What are Source Documents? Video Lecture | Accountancy Class 11 - Commerce

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FAQs on What are Source Documents? Video Lecture - Accountancy Class 11 - Commerce

1. What are source documents?
Ans. Source documents are the original records that provide evidence of a transaction or event. They are used to record and track financial transactions and are essential for maintaining accurate and reliable accounting records.
2. What are some examples of source documents?
Ans. Examples of source documents include invoices, receipts, checks, purchase orders, bank statements, and contracts. These documents contain important information such as the date, amount, parties involved, and description of the transaction.
3. Why are source documents important in accounting?
Ans. Source documents serve as evidence for financial transactions and provide a paper trail for auditing purposes. They help ensure the accuracy and completeness of accounting records, allow for proper documentation and verification of transactions, and support the preparation of financial statements.
4. How should source documents be organized and stored?
Ans. Source documents should be organized systematically and stored in a secure and easily accessible manner. They can be stored physically in filing cabinets or electronically using document management systems. It is important to maintain proper indexing, labeling, and retention policies to ensure easy retrieval and compliance with legal requirements.
5. Can source documents be altered or modified after they have been created?
Ans. Ideally, source documents should not be altered or modified once they have been created. Any corrections or adjustments should be made using proper accounting procedures, such as journal entries or credit notes, that clearly indicate the reason for the change and maintain an audit trail. Altering or modifying source documents without proper justification can compromise the integrity and reliability of financial records.
82 videos|105 docs|42 tests

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