What key details are included in a Receipt?

Amount received, reason for payment, method, GST.

What is an EFT Receipt used for?

Electronic payment made; Payment (e.g. expenses, creditors).

What key details are included in an EFT Receipt?

Electronic transfer confirmation, payee, date, reason, amount.

What is a Bank Statement used for?

All bank transactions; Cash inflows/outflows.

What key details are included in a Bank Statement?

Deposits, withdrawals, fees, interest, for reconciliation.

What is a Cash Register Summary used for?

Cash or EFT sales (retail); Revenue (daily totals).

What key details are included in a Cash Register Summary?

Daily sales summary, cash and EFT breakdown, GST.

What is a Credit Note used for?

Return of goods; Adjustment to revenue or stock.

What key details are included in a Credit Note?

Used for returns or overcharging; amount and GST.

What is a Memo used for?

Internal transactions; Non-cash/internal (e.g. drawings, stock loss).

What key details are included in a Memo?

Explains internal events not involving cash or an external party.

What is the purpose of a Purchase Invoice?

Records goods/services bought on credit; creates liability to supplier.

What key details are included in a Memo?

Date, description of internal event, parties involved, amount (if any).

What is the main use of a Receipt?

Proof of payment received; used for record-keeping and reconciliation.

A business issues a Sales Invoice for $1,100 (including GST) for stock sold on credit. What is the two-fold effect on the Accounting Equation?

Assets (Accounts Receivable): Increase Owner’s Equity (Revenue): Increase

A Purchase Invoice is received for $550 of stock purchased on credit. What is the two-fold effect on the Accounting Equation?

Assets (Inventory): Increase Liabilities (Accounts Payable): Increase

A Receipt is issued after receiving $1,100 cash from a credit customer. What is the two-fold effect on the Accounting Equation?

Assets (Cash at Bank): Increase Assets (Accounts Receivable): Decrease

An EFT Receipt shows that $880 has been paid to a supplier for a previous purchase. What is the two-fold effect on the Accounting Equation?

Assets (Cash at Bank): Decrease Liabilities (Accounts Payable): Decrease

A Bank Statement shows a $22 bank fee has been charged. What is the two-fold effect on the Accounting Equation?

Assets (Cash at Bank): Decrease Owner’s Equity (Expense): Decrease

A Cash Register Summary shows $2,200 in daily cash and EFT sales including GST. What is the two-fold effect on the Accounting Equation?

Assets (Cash at Bank): Increase Owner’s Equity (Revenue): Increase

A Credit Note is issued for a return of $330 of faulty stock by a customer (originally on credit). What is the two-fold effect on the Accounting Equation?

Assets (Accounts Receivable): Decrease Owner’s Equity (Revenue): Decrease

A Memo is used to record $500 of stock loss due to theft. What is the two-fold effect on the Accounting Equation?

Assets (Inventory): Decrease Owner’s Equity (Expense): Decrease

A Memo is written for $100 worth of drawings taken by the owner (stock). What is the two-fold effect on the Accounting Equation?

Assets (Inventory): Decrease Owner’s Equity (Drawings): Decrease

Accounting Source Documents Flashcards

Student preview

36 questions

Show all answers

1.

FLASHCARD QUESTION

Front

What is a Sales Invoice used for?

Back

Credit sale; Revenue (stock sold on credit).

2.

FLASHCARD QUESTION

Front

Who issues a Sales Invoice?

Back

Seller.

3.

FLASHCARD QUESTION

Front

What key details are included in a Sales Invoice?

Back

Customer details, items sold, price, GST, total.

4.

FLASHCARD QUESTION

Front

What is a Purchase Invoice used for?

Back

Credit purchase; Expense or Stock (on credit).

5.

FLASHCARD QUESTION

Front

Who issues a Purchase Invoice?

Back

Supplier.

6.

FLASHCARD QUESTION

Front

What key details are included in a Purchase Invoice?

Back

Supplier name, goods bought, amounts, GST, total owed.

7.

FLASHCARD QUESTION

Front

What is a Receipt used for?

Back

Cash received; Revenue (e.g. from customer).

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