Accounting Chapter 6.docx - Page 193 1 Some transactions...

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Page 193. 1. Some transactions requiring journal entries may be initiated by owners, sales peoples, supervisors, and whoever else has the authority to do so. 2. The accounting department finds out about all the transactions through the source documents that are sent to them. 3. A source document is a business paper that provides all the necessary details about a transaction and how it should be recorded. 4. Source documents are used by the accounting department as the basis for all their accounting entries. 5. If an owner withdrew money for personal use, there would be no conventional source document. 6. An auditor may check the source documents in order to make sure the accounting work is both accurate and honest. 7. A sales cash slip is a business form that shows the details of a transaction in which goods or services are sold to a customer for cash. 8. A sales invoice is a for that shows the details for goods or services sold on account, meaning that they are not yet paid for. A cash slip is when the good or service has been paid for in cash. 9. Essentially, the vendor is the person or the business who is selling and providing goods and services to the consumers. 10. A point of sale terminal is a computerized sales register that allows a business and its customers to exchange funds electronically. 11. False. If a customer pays with a credit card, the business would debit the Bank account, because they have still gotten the money, and so it is treated like a cash account. They do not have to debit accounts receivable because they aren’t awaiting payment.
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