Question

there must be a source document for every transaction which type of accounting concept​

Answer 1

Answer:

verifiable object concept is the answer

Answer 2

ANSWER :

★ The accounting concept according to which there must be a source document for every transaction is Objectivity Concept.

• ➺ According to the Objectivity Concept, accounting should be free from personal bias of the persons engaged in the process of recording and presenting accounting data.

• ➺ Accounting records should be adequately supported by evidence as per Objectivity Concept.

• ➺ Objectivity Concept states that accounting should be definite, verifiable and reliable.

• ➺ Objectivity Concept proposes that every accounting entry in the books of accounts should be verifiable against evidences such as vouchers, cash memos, cheques etc.

• ➺ As per Objectivity Concept, all the accounting works must be done on objectives and factual basis.

• ➺ In the producing reliable accounting information, accountants should prefer objective (i.e, neutral and verifiable) means of measuring the effects of events rather than those that are subjective (i.e, based on personal feelings and prejudices)