Aims and objectives of source documents
Answers
HTML + CSS + JAVA SUPPORTED
Specific and not conjugate two distinct requirements
Complete and well thought out
Consistent with and prioritized based on the objectives outlined in governance documents and charters
Able to be verified during testing
A source document is a document that contains the record of occurrence of a business transaction. Example of source documents includes receipts, invoices, cancelled cheques among others.
Source documents are useful for:
1. As evidence that a transaction took place. This helps auditors as they offer their opinion on the financial status of a company especially listed companies.
2. Help in decision making. By looking at the financial transactions taking place in a business,managers are able to make the right decisions on the spending of business money.
3. Helps in the preparation of financial statements. Through the availability of source documents, accounting transactions are easily posted and thus making it easy to prepare financial statements.