question archive Question 1 of 2 Which of the following is not a step in processing accounting transactions? Select all that apply and click Submit Preparing financial operating budgets Preparing purchase requisitions O Preparing the trial balance Identifying source documents Negotiating sales contracts Recording transactions in the journal Question 2 of 2 From the following list, identify those that are likely to serve as source documents Select all that apply and click Submit Telephone bill Trial balance Income statement Sales ticket Invoice from supplier Balance sheet Company revenue account Bank statement Prepaid insurance
Question 1 of 2 Which of the following is not a step in processing accounting transactions? Select all that apply and click Submit Preparing financial operating budgets Preparing purchase requisitions O Preparing the trial balance Identifying source documents Negotiating sales contracts Recording transactions in the journal Question 2 of 2 From the following list, identify those that are likely to serve as source documents Select all that apply and click Submit Telephone bill Trial balance Income statement Sales ticket Invoice from supplier Balance sheet Company revenue account Bank statement Prepaid insurance
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Question 1 of 2 Which of the following is not a step in processing accounting transactions? Select all that apply and click Submit Preparing financial operating budgets Preparing purchase requisitions O Preparing the trial balance Identifying source documents Negotiating sales contracts Recording transactions in the journal
Question 2 of 2 From the following list, identify those that are likely to serve as source documents Select all that apply and click Submit Telephone bill Trial balance Income statement Sales ticket Invoice from supplier Balance sheet Company revenue account Bank statement Prepaid insurance
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Question 1
The following are not in the steps in processing accounting transactions:
- Preparing financial operating budgets
- Preparing purchase requisitions
- Negotiating sales contracts
The processing of accounting transactions includes recording of financial transactions in the journal, identification of source documents and finally preparation of trial balance.
Question 2
In the processing of accounting transactions, source documents are important. When the business spends or receives money, a source document is created. They are receipts, bills, invoices, checks etc that documents a financial transaction of a business.
In the list given in the question, the following are are likely to serve as source document:
- Telephone bill
- Sales ticket
- Invoice from supplier
- Bank statement
- Prepaid insurance
These are the documents which represent receipts or payments of cash in a business. So they are source documents.
Trial balance, income statement, balance sheets are not source documents. They are the summarized financial statements of a company. Company revenue account also is not a source document.
