Question

Vero is creating her first entry in the accounting journal for her website creation business. She adds the date, the debit or credit, and the explanation of the transaction, everything she thinks she needs in order to have a full picture of the transaction. However, which key data point is she missing?

Question 13 options:



The company name




A source document




Her name as the enterer of the data




Whether it was an asset or a liability

Answer 1

The key data point that Vero is missing is **a source document**. A source document is essential as it provides the evidence or proof of the transaction, such as invoices, receipts, or contracts, which validates the entry in the accounting journal.