Source documents I

Business Studies J.S.S 1 Third Term

WEEK 3

Source documents I

Performance Objectives

The student should be able to:

      1. Explain the meaning of source documents.

      2. Mention the uses of source documents.

      3. Explain the content of source documents.

Content

What is a source document?

A source document is a document that contains all information's on the goods and services bought, sold, or paid for by a business. It is the original record of transaction.it states the basic facts of the transaction such as its date, purpose (description of a transaction), the quantity of the goods exchanged, amount of money involved, name of the seller and buyer and so forth.

Uses of source documents

1. Record purposes.

2. Accounting purposes.

3. Auditing purposes.

4. Legal purposes

 

Types of sources documents

The types of sources documents include the following:

1. Purchase order

2. Cash receipt

3. Invoice

4. Cash register tapes

5. Credit

6. Debit note

7. Deposit ships

8. Withdrawal slips

9. Cheque