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Class 11th - Accountancy : Source Documents & Vouchers - Complete Video Lecture - Commerce

FAQs on Class 11th - Accountancy : Source Documents & Vouchers - Complete Video Lecture - Commerce

1. What are source documents in accounting?

Ans. Source documents are the original records that provide evidence of a transaction or an event that has taken place in a business. These documents are used as a basis for recording the financial transactions in the accounting system. Examples of source documents include invoices, receipts, bank statements, purchase orders, and contracts.

2. Why are source documents important in accounting?

Ans. Source documents are important in accounting because they serve as proof or evidence of the transactions that have occurred. They provide a reliable record of the financial activities of a business and support the accuracy and completeness of the financial statements. Source documents also help in auditing and tax compliance by providing the necessary documentation to support the recorded transactions.

3. What is a voucher in accounting?

Ans. In accounting, a voucher is a document that is used to authenticate and authorize a transaction. It serves as a written record of the payment or receipt of money and includes details such as the date, amount, and purpose of the transaction. Vouchers are typically used for cash transactions or expenses and are often attached to the source documents as supporting evidence.

4. What is the difference between a source document and a voucher?

Ans. The main difference between a source document and a voucher is that a source document is the original record that provides evidence of a transaction, while a voucher is a document that is used to authenticate and authorize a transaction. Source documents are used to record financial transactions, whereas vouchers are used to support and validate those transactions.

5. What are the types of vouchers in accounting?

Ans. There are several types of vouchers in accounting, including cash vouchers, receipt vouchers, journal vouchers, and payment vouchers. - Cash vouchers are used for cash payments and include details such as the payee, amount, and purpose of the payment. - Receipt vouchers are used for cash receipts and include details such as the payer, amount, and purpose of the receipt. - Journal vouchers are used to record non-cash transactions, such as accruals or adjustments, and include details of the journal entry. - Payment vouchers are used to authorize and record payments made by check or electronic transfer and include details such as the payee, amount, and payment method.

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Jan 15, 2025 Last updated

Class 11th - Accountancy : Source Documents & Vouchers - Complete for Commerce2025 is part of Commerce preparation. The notes and questions for Class 11th - Accountancy : Source Documents & Vouchers - Complete have been prepared according to the Commerce exam syllabus. Information about Class 11th - Accountancy : Source Documents & Vouchers - Complete covers all important topics for Commerce2025 Exam. Find important definitions, questions, notes, meanings, examples, exercises and tests below for Class 11th - Accountancy : Source Documents & Vouchers - Complete.

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