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Ask QuestionPosted by Bhavana Sharma 5 years, 11 months ago
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Posted by Bhavana Sharma 5 years, 11 months ago
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Yogita Ingle 5 years, 11 months ago
When a trader sells goods on credit, she/he issue an invoice or bill in the name of the purchaser which contains details about the product, quantity, agreed price of product, terms of payment, the name and address of the seller and purchaser.
Posted by Bhavana Sharma 5 years, 11 months ago
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Yogita Ingle 5 years, 11 months ago
The documents that support the authenticity of business transactions are called as source documents. Every business transactions must be supported by documentary evidence like cash memo, invoice, bill, debit note etc. Such documents report the date, the amount, parties involved and the nature of transactions.
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| MIS | AIS |
| MIS is a planned system of collecting, processing, sorting and disseminating data in the form of information required to carry out the functions of management. | AIS allows its users to collect and store business or financial data and transform it into information and communicate to its internal and external users. |
| It is wider system, AIS is also a sub-system of it. | It is narrower system as it part of other system. |
| MIS report useful in making prudent and reasonable business decision. | AIS provides financial information necessary to manage the organisation. |
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Yogita Ingle 5 years, 11 months ago
Credit Vouchers: Credit vouchers are prepared for recording transactions related to receipt of cash only. The business may receive cash because of the following reasons. Income received in cash, for e.g., rent received, interest received, dividend received on investments etc
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