Each who does the accountant rely on to get truthful

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: ach Who does the accountant rely on to get truthful figures? The accountant relies on figures supplied The by the Bookkeeper. by The Bookkeeper keeps records of The transactions and summarizes these into various categories, using the ‘dual aspect’ concept in a system known as ‘Doubleconcept Entry Bookkeeping’. Who does the Bookkeeper get the details of the transactions from? of The Bookkeeper gets details of The transactions from operational employees who are involved in transactions as part of their duties. their These operational These employees are responsible for keeping records of transactions. What ‘triggers’ the need to record a transaction? transaction? There must be written proof that the There transaction has taken place before recording the transaction. recording For every transaction there needs to be For written proof. This written proof is called a ‘source document’ and serves as ‘source and documentary evidence that a transaction has taken place has How the accounting cycle works- the operational employees’ part operational The operational employees feed source The documents and summarized data from those documents to the bookkeeper in a process known as...
View Full Document

This document was uploaded on 03/26/2014.

Ask a homework question - tutors are online