A Source Document Serves Important Functions in the Accounting System

question 85

Multiple Choice

A source document serves important functions in the accounting system.Which of the following is not one of those functions?

• A)Provides the output data for financial reports
• B)Serves as part of the permanent audit trail
• C)Triggers beginning of business processes
• D)Provides the input data to record the transaction

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Definitions:

Human Capital

The collective skills, knowledge, or other intangible assets of individuals that can be used to create economic value for the individuals, their employers, or the community.

Labor Productivity

The measure of economic output per unit of input, typically calculated as total output divided by the number of hours worked.

Rules Of The Game

The laws, customs, manners, conventions, and other institutional elements that determine transaction costs and thereby affect people’s incentive to undertake production and exchange.

Tax Laws

The legal standards and regulations governing the collection of taxes by the government from individuals and organizations.