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Which of the following is NOT required while vouching Sales Return?

Which of the following is NOT required while vouching Sales Return? Correct Answer Examine Debit Notes

Examination of Debit Notes is not required while vouching.

  • A debit note is a document a seller uses to remind the purchaser of current debt obligations, or a document produced by a purchaser when returning goods purchased on loan. The debit note may include information about an immediate payment or may serve as a reminder of current funds due.
  • The cumulative expected credit sum may be provided for items returned, along with an inventory of the items returned and the reason for the return.

Important Points

  • A debit note, also known as a debit memo, is issued from a buyer to their seller to request a return of funds due to incorrect or damaged goods, purchase cancellation or other specified circumstances. A debit note is similar to a credit note, except it's issued from the buyer's side.

Key Points

  • Vouching, widely recognized as “the backbone of auditing,” is a component of an audit seeking to authenticate the transactions recorded in a firm’s book of accounts.
  • When an accounting transaction is vouched, it is tested and verified by presenting relevant documentary evidence.

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