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SOURCE DOCUMENTS
CONTENT- Meaning of Source Document
- Importance of Source Documents
- Types of Source Documents
Meaning of Source Document
Source documents may be defined as original documents on which monetary transactions are recorded, which provide necessary information for the preparation of books of original entry. It can also be defined as original documents on which information is recorded about business transactions. Transactions are the major feature of any business. The business transactions take place when goods and services are transferred from one person to another. There are two types of transaction namely cash and credit transaction. Cash transaction means that money is paid immediately the transaction occurs. Credit transaction means that payment for what is bought or sold is made at a later date.Importance of Source Documents
The following are the importance of source documents:You are viewing an excerpt of this lesson. Subscribing to the subject will give you access to the following:
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ClassHall Instructor
Halima Ahmadu
Maryam
Abdul tawwab
Honour Daniel
Wilfred Bassey