ACC 250 Week 8 DQ 1 and DQ 2

Apr 3rd, 2015
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ACC 250 Week 8 DQ 1 and DQ 2

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Week 8 DQ'sDiscussion QuestionWeek 8 DQ1Due 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 info

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