FAC1501 Exam 2026 Questions and Answers Graded A+

FAC1501 Exam 2026 Questions and
Answers Graded A+

Source Document - Correct answer-Proof that a transaction occurred

Cash Transactions effect? - Correct answer-Bank Account, Petty Cash and or Cash

Float

Business Transaction - Correct answer-a record of a large number of transactions

an entity is engaged in .

Business Document Details - Correct answer-Date, amount, type of transaction and

with whom

Internal source document - Correct answer-documents prepared by an entity to

record transactions with external clients.

Source documents are drawn up in... - Correct answer-Duplicates

(Internal Source Document) ... is given to the clients and ... is kept by the entity. -

Correct answer-Original - Diplicate

Cash Register Roll (Internal/External Source Document) - Correct answer-Internal

Source Document

, Duplicate Cash Sales Invoice (Internal/External Source Document) - Correct

answer-Internal Source Document

Duplicate Reciepts (Internal/External Source Document) - Correct answer-Internal

Source Document

Cheque Counterfoils (Internal/External Source Document) - Correct answer-

Internal Source Document

Petty Cash Vouchers (Internal/External Source Document) - Correct answer-

Internal Source Document

Duplicate Bank Deposit Slips (Internal/External Source Document) - Correct

answer-Internal Source Document

Internet Banking: Notice of Payment (Internal/External Source Document) -

Correct answer-Internal Source Document

Signed Credit Card Slip (Internal/External Source Document) - Correct answer-

Internal Source Document

External Source Documents also know as- - Correct answer-Supporting

Documents

External Source Documents are prepared by... - Correct answer-the other party and

received as proof of payment.