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Source documents provide details about a financial change in the business
Kylie Nader
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Is a ledger considered a source document?
No. Source documents provide details about a financial change in the business and they are proof that a transaction has occurred. They can be sales receipts, invoices and cheques.
What is a form of proof as to the stock transaction mostly obsolete nowadays?
stock certificate
Why do you pass an journal entry?
For the recording of journal entry, it is mandatory to be business transaction occurred already otherwise no journal entry can be made prior to occurrence of business transaction.
Is a transaction code used for bank transactions?
Transaction codes are used by banks to determine what time if transaction has occurred at the bank. Everything from a code used for a deposit to a checking account to another different code used to make a loan payment.
Is journal entry passed when PO is booked?
No journal entry required when PO is generated as no business transaction has occurred.
Is a ledger considered a source document?
No. Source documents provide details about a financial change in the business and they are proof that a transaction has occurred. They can be sales receipts, invoices and cheques.
Is a transaction written proof?
Yes, a transaction is typically a written or digital record that provides proof of an exchange of goods, services, or funds between two parties. This record includes information such as the date, amount, and description of the transaction.
What if your ex borrowed a lot of money off you you have a record of him saying he will pay it back but he refuses you have records of the bank transfers do you have a legal stance?
Yes ! If you have physical proof the transaction occurred - you can pursue him through the small-claims court.
What is a form of proof as to the stock transaction mostly obsolete nowadays?
stock certificate
What is meant by nature of a transaction?
The phrase 'the nature of the transaction' refers to the kind of transaction that occurred. Some examples are a credit sale, a return, and a cash sale.
Why do you pass an journal entry?
For the recording of journal entry, it is mandatory to be business transaction occurred already otherwise no journal entry can be made prior to occurrence of business transaction.
Is substance melts proof that a chemical change has occurred?
no unless there is a chemical change but there isn't. only a physical change has occurred
Is a transaction code used for bank transactions?
Transaction codes are used by banks to determine what time if transaction has occurred at the bank. Everything from a code used for a deposit to a checking account to another different code used to make a loan payment.
Is journal entry passed when PO is booked?
No journal entry required when PO is generated as no business transaction has occurred.
What is an accrual journal entry?
Accrual journal entry means that entry the transaction of which is occurred already but payment is not yet received or paid to other party.
What is the purpose of journal entry?
A journal records what you're findings are
List the four parts of a journal entry?
The four parts of a journal entry are debit, credit, date and source document. Date refers to the date the transaction occurred. Debit is a subtraction and credit is an addition. The source document is the actual record of the transaction.
