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Accounting
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Study Guide
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Week 8 DQ’s
Discussion Question
Week 8 DQ1
Due Week 8 Day 2 (Tuesday)
Post your response to the following discussion question by clicking on Reply.
When completing the accounting cycle, the accounting professional uses
source documents. Discuss the importance of the accuracy of these source
documents. What possible problems could arise if the source documents are
inaccurate?
When completing the accounting cycle, the accounting professional uses source documents.
Discuss the importance of the accuracy of these source documents. What problems might arise if
the source documents are inaccurate?
First, one must know what a source document is. A source document is hard copies of
transactions. They are objective evidence of a transaction and a critical step in the accounting
cycle. It is important this information be accurate since this information is used to analyze and
classify transactions and create journal entries.
If these are inaccurate, the rest of the accounting cycle information will be inaccurate as well.
These could cause problems in credit reporting, gaining stockholders, securing loans, and even
down to hiring new employees. Businesses could fold with inaccurate information.
Other possible problems are:
Bounced checks
Past due accounts- affects credit reporting
Overdrawn accounts
Tax issues

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Week 8 DQ’s Discussion Question Week 8 DQ1 Due Week 8 Day 2 (Tuesday) Post your response to the following discussion question by clicking on Reply. When completing the accounting cycle, the accounting professional uses source documents. Discuss the importance of the accuracy of these source documents. What possible problems could arise if the source documents are inaccurate? When completing the accounting cycle, the accounting professional uses source documents. Discuss the importance of the accuracy of these source documents. What problems might arise if the source documents are inaccurate?   First, one must know what a source document is. A source document is hard copies of transactions. They are objective evidence of a transaction and a critical step in the accounting cycle. It is important this information be accurate since this information is used to analyze and classify transactions and create journal entries.   If these are inaccurate, the rest of the accounting cycle information will be inaccurate as well. These could cause problems in credit reporting, gaining stockholders, securing loans, and even down to hiring new employees. Businesses could fold with inaccura ...
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