There should be proper vouchers for checking every transaction. Name and explain the principle or concept involved in it.
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Answers
Answer:
matching concept
according to this concept the expenses and income of a accounting year are related to the revenue of that accounting year
Answer:
There should be proper vouchers for checking every transaction.
Explanation:
The concept of objectivity requires that accounting transaction should be recorded in an objective manner, free from the bias of accountants and others.
This can be possible when each of the transaction is supported by verifiable documents or vouchers.
For example, the transaction for the purchase of materials may be supported by the cash receipt for the money paid, if the same is purchased on cash or copy of invoice and delivery challan, if the same is purchased on credit.
A voucher is a bond of the redeemable transaction type that has a fixed monetary value and may only be used to purchase specified items or for particular purposes. Housing, transportation, and food coupons are a few examples. Vouchers are frequently used to refer to receipts that are used as proof of things like the statement that a service has been rendered or that an expense has been made. Vouchers are another word for receipt. Using a voucher is a tourist guide with a guarantee that the agency will pay for the services.
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