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Yogita Ingle 3 years, 5 months ago
Accounting can be defined as a process of reporting, recording, interpreting and summarising economic data. The introduction of accounting helps the decision-makers of a company to make effective choices, by providing information on the financial status of the business.
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|
Basis of Difference |
Source Documents |
Vouchers |
|
Meaning |
It refers to the documents in writing, containing the details of events or transactions. |
When source document is considered as evidence of an event or transaction, then it is called voucher. |
|
Purpose |
It is used for preparing accounting vouchers. |
It is used for analysing the transactions. |
|
Recording |
It acts as a basis for preparing accounting voucher that helps in recording. |
It acts as a basis for recording transactions. |
|
Preparation |
It is prepared at the time when an event or a transaction occurs. |
It can be prepared either when an event or a transaction occurs, or later on. |
|
Legality/Validity |
It can be used as evidence in the court of law. |
It can be used for assessing the authentication of transactions. |
|
Prepared By |
It is prepared by the persons who are directly involved in the transactions, or who are authorised to prepare or approve these documents. |
It is prepared by the authorised persons or by the accountants. |
|
Examples |
Cash memo, invoice, and pay-in-slip, etc. |
Cash memo, invoice, pay-in-slip (if used as evidence), debit note, credit note, cash vouchers, transfer vouchers, etc. |
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Sia ? 4 years, 10 months ago
Trial Balance is a statement of all debits and credits in a double-entry account book, with any disagreement indicating an error.
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Gaurav Seth 5 years, 2 months ago
In account,
A commission is a fee paid to a salesperson in exchange for services in facilitating or completing a sale transaction. The commission may be structured as a flat fee, or as a percentage of the revenue, gross margin, or profit generated by the sale.
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