Very Short Questions
Question 1. Define source documents of accountancy.
Solution 1: The source documents are the information about the transaction based on which account are debited or credited with the transacted amount. A source Document is a written document containing details of the transaction. A source document is of prime importance in accounting because accounting is based on factual financial information that is evidence. The source documents are also known as supporting documents.
Question 2. Name two sources of documents.
Solution 2: The two sources of documents are.
(i) Receipt
(ii) Invoice & Bills
Question 3. What is an invoice?
Solution 3: Invoice is a bill provided by the seller to when he sells goods on the credit basis. The bill consists of buyer’s name, name of the product to be sold, the price, quantity, and the total amount of goods sold.
Question 4. What is a cheque?
Solution 4: A cheque is a written document drawn to bank to pay a decided sum of amount to the person name written on it.
Question 5. Given an example of a voucher.
Solution 5: Example of a voucher is a Debit voucher.
Question 6. What is a compound voucher?
Solution 6: The compound voucher shows multiple debits on one side and one credit on another side of a transaction and multiple credits on one side and one debit on another side of a transaction.
Question 7. Name two types of a voucher.
Solution 7: The two types of a voucher are:-
(i) Debit voucher
(ii) Credit voucher
Question 8. Depreciation charged on machinery, which accounting voucher will be prepared for it?
Solution 8: A transfer voucher or a non-cash voucher will be prepared for depreciation charged on machinery.
Value-Based Questions(VBQ)
Question 1. What is the value involved in recording transactions on the basis of source documents?
Solution 1: The value involved in recording transactions on the basis of source documents is the guarantee of transactions happing and ethics.
Question 2. Is a ‘cash memo’ a source document or an accounting voucher?
Solution 2: Cash memo is a source document.
Question 3. Suruchi bought a mobile for Rs. 20,000. The shopkeeper gives a rough bill instead of giving one for his bill-book. Which values are not followed by the shopkeeper?
Solution 3: The values are not followed by the shopkeeper are:-
(i) Requirements of low
(ii) Transparency
Question 4. Mention few common source documents.
Solution 4: The few common source documents are.
Cash Memo – Cash Memo gives when goods and services sales on cash basis. Need to fill these requirements when making of cash memo item name, price, quantity, date, time, etc.
Invoice & Bill – Invoice & Bill gives when goods and services sales on credit basis. Need to fill these requirements when making of invoice name of the buyer, date, price, quantity etc.
Receipt – Receipts are gives when cash or cheque is received. Need to fill these requirements when making of recipient name, date, price, quantity etc.
Debit Note – It is prepared for purchases return.
Credit Note – It is prepared for sales return.
Pay-in-slip – When cash/cheque is deposit in to the bank.
Cheque - A cheque is a written document drawn to bank to pay a decided sum of amount to the person name written on it.