accounting cycle: step 1 - originating data
TRANSCRIPT
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STEP 1Originating Data
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Step 1: Originating Data Any time you originate data you must
keep The Objectivity Principle in mind. All accounting data must be supported by
a source document. Different people looking at the
evidence(source document) will arrive at the same values for the transaction.
Transactions will be based on fact, not on personal opinion or feeling.
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Step 1: Originating Data Data is originated from source
documents. Source documents are business papers
from which information is obtained for a transaction. And provides proof the transaction occurred.
There are many types of source documents. They include;
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Step 1: Originating Data Cheques Receipts Cash Register Tape Sales Invoice Purchase Invoice Bank Memo Memo
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Cheques Cheques – Usually indicate that you
have paid cash for something. (Credit Cash)
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Receipts Receipts will usually indicate that you
have received cash or something. (Debit Cash)
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Cash Register Tape Usually indicate that you had some type
of sale (Debit Cash, Credit Sales)
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Sales InvoiceAlso known as a bill. Usually means that you have sold something on account (Debit A/R, Credit Sales)
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Purchase InvoiceUsually means that you have bought something and put it on account. (Credit Accounts Payable)
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Bank Memo Bank did something that will affect your
account. (debit/credit cash)
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Memo A note prepared by the business
outlining important transaction or financial information.
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Source Documents All source documents will include the
following criteria. Date Amounts Reade (Debit or Credit) Document Number
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Assignments Syme Textbook
Page 51 #3 Page 52 #4 Page 71 #6 Page 176 #3 Analyzing a Source Document Identify the Source Documents Summary of Source Documents