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Question 1

Describe the events recorded in accounting systems and the importance of source documents in those systems?

Answer

Source documents are written and authentic proof of the correctness of recorded transaction.They are required for audit of accounts and tax assessments.They also serve as legal evidence in case of a dispute.

Source documents are the first record about the details of a business transaction. Such documents report the date, the amount, parties involved and the nature of the transaction. Entries in the books are always made from the source documents.

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