Asked by Kaitlyn Wallace on Jul 17, 2024
Verified
A voucher system is a series of prescribed control procedures
A) to check the credit worthiness of customers.
B) designed to assure that disbursements by check are proper.
C) which eliminates the need for a sales journal.
D) specifically designed for small firms who may not have checking accounts.
Voucher System
An accounting system that involves the use of vouchers as proof of a transaction's occurrence, used for controlling expenditures.
Disbursements
Payments made by a business in the course of its operations, often involving the outflow of cash to vendors or suppliers.
Control Procedures
Measures and policies implemented by a firm to ensure the integrity of financial and accounting information, promote accountability, and prevent fraud.
- Recognize the role and function of a voucher system in controlling disbursements.
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Learning Objectives
- Recognize the role and function of a voucher system in controlling disbursements.
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