Answer to Question #72289 in Accounting for Brodie

Question

You have been asked to provide the details of what might be required to satisfactorily record details of sales made at one of the organisation’s revenue centres.

A. What documents might you need to help you prepare accurate records? List and describe five source documents.
B. List five categories of information which you might need to record.

Answer 1

A. It's important that your accounts are accurate and up to date. Your accounts should be backed up with full and detailed records of all business income and expenditure, such as receipts, invoices and purchase orders, payments in and out, etc.
B. Limited companies must keep business and accounting records of all income, expenditure, assets and liabilities, as well as statutory registers, copies of all accounts and statutory filings, minutes of meetings and decisions taken by directors and shareholders.