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SS1: FINANCIAL ACCOUNTING - 1ST TERM

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  1. Introduction to Booking Keeping and Accounting | Week 1
    11 Topics
    |
    1 Quiz
  2. Introduction to Books of Account | Week 2
    6 Topics
    |
    1 Quiz
  3. Subsidiary Books of Account I | Week 3
    4 Topics
    |
    1 Quiz
  4. Subsidiary Books of Account II | Week 4
    4 Topics
    |
    1 Quiz
  5. Principles of Double Entry Book Keeping | Week 5
    1 Topic
    |
    1 Quiz
  6. Cash Book | Week 6
    6 Topics
    |
    1 Quiz
  7. Petty Cash Book | Week 7
    1 Topic
    |
    1 Quiz

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Topic Content:

  • Theory Questions & Answers – Introduction to Books of Account

Theory Questions – Introduction to Books of Account:

1. (a) What is a source document?

(b) List six types of source documents.

(c) state three uses of subsidiary books.

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Question 1

(a) What is a source document?

Answer:

Source Documents are written evidence of business transactions that describe the essential facts of those transactions. They provide adequate information for preparing the books of account and provide basic details about a transaction

 

(b) List six types of source documents

Answer:

Types of source documents:

(i) Cash receipts

(ii) Sales invoice

(iii) Purchases invoices

(iv) Petty cash vouchers

(v) Stores vouchers

(vi) Bank pay in slips

(vii) Cheque stubs/counterfeit

(viii) Credit notes

(ix) Debit notes

(x) Bank statement

 

(c)  State three users of Subsidiary books

Answer:

Uses of subsidiary books:

(i) The subsidiary books provide aids to memory.

(ii) The total amount of sales and purchases can be readily ascertained.

(iii) It helps in control account preparation.

(iv) The total money owed to suppliers and customers can be easily ascertained.

(v) It provides the opportunity for monthly totals.

(vi) They are used as books to make the first entry of transactions.

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