Unit 4: The Accounting Cycle

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Accounting cycle

Source Documents

Invoice

Receipt

Deposit Slip

Check Counterfoil

Statement

Payment Conformation

First Document that exist relating to a transaction

proof of transaction

Invoices

Relate to credit transactions

List goods or services that were provided and their prices.

Indicates payments term (Time)

"Bills"

Reciepts

Confirm that services or goods have been received

Cash Transactions

Deposit slip

Proof that money was deposited in the bank.

Check Counterfoil

Part of check kept by the writer, as a transaction proof

Statement

Report Showing the amount owed by one business to another

details of transactions between the 2 businesses.

Payment Conformation

Proof of Internet Transactions

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