0
Q
What is a source document
A
It is the original record of a transaction which provides accounting personnel with the information they need to process the transaction properly
1
Q
What is a business transaction?
A
It is a financial event that causes a change in financial position
2
Q
What happens to source documents once they are not needed?
A
They are filed away because owners, managers, auditors, and others may want to ask questions
3
Q
What is the objectivity Principle?
A
Transactions will be recorded on fact, not personal opinions or feelings
Business - Accounting
flashcards
Decks in class (9)
# Cards
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Chapter 1 - Accounting And Business17
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Chapter 2 - The Fundamental Accounting Equation17
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Chapter 3 - Analyzing Changes In Financial Position4
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Chapter 4 -The Simple Ledger13
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Chapter 5 - The Expanded Ledger: Revenue, Expenses, And Drawings16
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Chapter 6 - The Journal And The Source Documents23
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Chapter 7 - Posting16
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Chapter 8 - Completing The Accounting Cycle13
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Chapter 9 - Accounting For Cash14
