Project 1

Training Room 1: Source Documents

 

Time to Work

 

Answer the following questions and submit the completed assignment to your instructor for assessment. Save a copy of your answers in your FIN1020 Course Folder as pr1-tr1-1. This stands for Project 1, Training Room 1, Assignment 1. This is the file naming format that is suggested for this course.

1. Gurpreet discovered that he was not following two Generally Accepted Accounting Principles. Do you know what they are and how they apply to Gurpreet’s business?

 

Need a reminder? Then view GAAP for a refresher.

 

 

2. There are federal regulations concerning keeping records. List three benefits of keeping complete and organized records that Gurpreet learned about when he looked at the Canada Customs and Revenue Agency website and searched for business records.
   
   
3. What do you think some of the consequences would be if Gurpreet decides to eliminate source documents, because he has recorded them on the computer?
   
   
4. Collect at least three samples of different source documents that you have used in your personal transactions. For example, a sales slip, debit receipt, etc. Submit these examples to your teacher.

Training Room 1 Summary

 

On reflection, Gurpreet has decided that it is important to keep the source documents to support his business records. He is now stapling all the source documents for the same business transaction together, and placing these in a file folder to refer to, if required.

 

As well as keeping any documentation, these transactions must be recorded in a journal. Before you can do that, it is important to understand how to analyze these transactions. Continue to Training Room 2 where Sakineh will explain how to perform this very important step.

 

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