Accounting is one of the most popular subjects that are frequently required by various industries and professionals. From small scale business to the large scale ones, without proper accounts details, the finances cannot be managed well. And while talking about Accounting, Accounting Voucher is probably the most important topics in concern.
Without proper understanding of what the Accounting Voucher means, it becomes quite difficult for the students to write their Accounting Voucher and Its Types Homework Answers. However, this is a common topic that is often assigned to students for projects and homework.
When I was a student, I often faced problem in remembering its types. Now that I have completed my studies and have become a teacher, I often see my students facing the same problem.
That is why; I have discussed about Accounting Vouchers and its types in brief here.
What is Accounting Voucher?
To keep financial analysis and calculations smooth and running in a business, business entities must keep a record of all its financial transactions. Not just records, but the proofs or evidences of transactions must also be kept in record. These physical documents are known as Accounting Vouchers.
All vouchers that have been created by accountants or clerks of an authorised organization and countersigned are considered to be Accounting Vouchers.
While writing Accounting Voucher and Its Types Homework Answers, you must know what the different types of Accounting Vouchers are!
Non-Cash and Cash Vouchers:
In broader sense, Accounting Vouchers can be categorized either as non-cash vouchers or as cash vouchers. As these terms suggest, cash vouchers are those that deal in cash transactions and non-cash vouchers are those, that refer to the debit or credit vouchers. Whatever the type may be, they all are important in the financing calculations.
Learn About Different Types of Accounting Vouchers:
The Accounting Vouchers can be of different types. Here are some of the most important and common ones. As you know about these, it will be easier for you to take these into consideration. Missing out any of these might lead to gaps in the accounting calculations.
- Cash memo:
Cash memos are probably the most important Accounting Vouchers. They record all sorts of cash transactions for sales and purchases. The cash memos record quantity of a product that is purchased or sold, its price for which that product is purchased or sold, the discount that is received or given and also the tax amounts as well as its deposit amounts, if any. Hence, they play an important role in the accounting transactions and calculations.
- Bill and invoice:
The credit records related to purchase and sales are mentioned in the bills and invoice. When a business firm does business (sale or purchase) on credit, the invoice records the details.
When a business party pays any cash, the receipt is made. It is a proof of the payment that has been done. There are always at least two copies that are made, one is given to the party that has made the payment and the other copy remains with the business that has received the payment.
Pay-in-slips are business documents that are proof that on a particular date, a particular amount of money is deposited to the bank. It contains important information about the amount, the date, the name of the depositor etc.
While writing the Accounting Voucher and Its Types Homework Answers, one Accounting Voucher that the students must have a clear idea about is the cheque. Here a bank issues a booklet of cheques that an account holder signs. The receiving party, instead of receiving the money in cash directly from the payer, receives it from the bank. The bank withdraws the amount from the payer’s account and gives to the receiver.
- Debit Note:
When the goods that have been purchased on credit are returned to the seller, debit note is issued.
- Credit Note:
This is some sort of sales return credit. The credit note shows the amount that is credited to the customer.
Now that you have understood all about these different kinds of Accounting Vouchers, it will be easy for you to write your answers. Students are often asked questions about various types of Accounting Vouchers. In fact, when you are doing a project, always make sure that you have included all of these vouchers into your notice.
How to Improve your Answers?
The homework, projects and assignments on Accounting Vouchers carry a lot of marks. During my years of experience as a teacher to Accountancy students, I have also seen that this is a topic that fetches great marks for the students. Hence, you must write the best Accounting Voucher and Its Types Homework Answers.
For that you need to –
- Stick to the topic, without diverting from topic
- Focus on details
- Give examples
- Use bullets, numbers, charts and diagrams to express the ideas.
Still, sometimes, it becomes difficult for a student to understand a topic. In the tension and tight deadline of examination, you might also lack time to complete your homework. In that case, hiring expert professionals is a great idea.
There are online tutors and professional academicians, who can help you to complete your Accounting Voucher and Its Types Homework Answers. They can guide you and complete your task. If you face any problem regarding your homework, ask them and they will help you.