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Chapter 5 Source Documents Flashcards | StudBud
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Chapter 5 Source Documents
Chapter 5 Source Documents
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StudBud Administration
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#accounting #Unit1and2 #VCE
Flashcards
11 cards
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Questions
11
Answers
1
Collecting Source documents is the last stage of the Accounting Process.
False
True
2
The source document used to verify cash received is
Cheque butt
Sales Invoice
Cash Receipt
Tax Invoice
3
The owner keeps the original of a cash receipt.
False
True
4
GST stands for
Good Service Time
Great Service Time
Goods and Services Tax
Ground Service Tax
5
If a cheque states 'Not negotiable' it can only be deposited into the nominated account.
True
False
6
The drawee is
The entity writing the cheque
The bank of the entity writing the cheque
The person withdrawing the cash
The business withdrawing the cash
7
A way of differentiating between a Cash Receipt and a Sales Invoice is by looking at the
Date of the transaction
The ABN
The Terms, e.g 5/7, n/30
The Amount of GST
8
Source documents ensure the Qualitative characteristic of
Understandability
Relevance
Historical Cost
Reliability
9
What doesn't need to be included in the a source document for GST purposes
The date of the transaction
The Qualitative characteristics
The amount of GST
The words 'Tax Invoice'
10
An example of a transaction verified by a memo is
A cash receipt from a customer
A cash payment to a supplier
The owner withdrawing stock from the business
Cash drawings from the business
11
If a business pays more GST than they receive they will have a
Current Asset
Non-Current Asset
Non-Current Liability
Current Liability
