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Question 2

Why is the evidence provided by source documents important to accounting?


The evidence provided by the source document is important in the following manners:

  1. It provides evidence that a transaction has actually occurred.
  2. It provides important and relevant information about date, amount, parties involved and other details of a particular transaction.
  3. It acts as a proof in the court of law.
  4. It helps in verifying transactions during the auditing process.

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