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11 Cards in this Set
- Front
- Back
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Source Documents |
The pieces of paper that provide both the evidence that a transaction has occurred, and the details of the transaction itself. |
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Source Document Functions |
- They provide the verifiable evidence of the details of a transaction, thus ensuring that the information in the accounting reports will be reliable; that is, free from bias or subjectivity. - They provide the evidence that is required by the Australian Tax Office (ATO) relating to the firm’s income tax and Goods and Services Tax (GST) obligations. |
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GST |
A 10% tax levied by the federal government on sales of goods and services. |
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Cash Receipt |
A source document used to verify cash received. |
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Drawee |
The financial institution or bank of the drawer. |
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Drawer |
The entity writing the cheque. |
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Payee |
The entity that is receiving the cheque or to whom the cheque is written. |
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Not Negotiable |
A control mechanism that ensures that the cheque can only be deposited into the account of the nominated payee. |
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Cheque Butt |
A source document used to verify cash payments. |
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Invoice |
A source document used to verify credit transactions. |
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Memo |
A source document used to verify internal transactions. |
