Source documents are associated with ________.
A) Generally Accepted Accounting Principles
B) implicit transactions
C) explicit transactions
D) compound entries

Question

Quizplus · Accepted Answer

Source documents are associated with explicit transactions, which are transactions that have a specific dollar amount and involve an exchange of goods, services, or money. These documents provide evidence of the transaction and are used to record it accurately in the accounting system. Implicit transactions, on the other hand, do not have a specific dollar amount and often involve non-monetary exchanges or internal transfers. Generally Accepted Accounting Principles (GAAP) and compound entries are not directly related to source documents.

Source Documents Are Associated with ________