A key factor in a voucher system includes all of the following except:
A)Only approved departments and individuals are authorized to incur an obligation that will result in the payment of cash.
B)Procedures for purchasing,receiving and paying for merchandise are divided among several departments.
C)The system limits the individuals that can incur cash payment obligations for a company.
D)It is applied to purchases of merchandise inventory and all other expenses.
E)It is not necessary if the supplier provides both receiving report and invoice with the merchandise shipped.

Question

Quizplus · Accepted Answer

This answer is based on the word "except" in the question stem. A key factor in a voucher system includes all of the statements A, B, C, and D, except statement E. Statement E suggests that a voucher system is not necessary if a supplier provides both a receiving report and invoice with the merchandise shipped, which is not true. A voucher system is still necessary to verify the accuracy and completeness of the supplier's invoice and receiving report against the purchase order and other documentation.

A Key Factor in a Voucher System Includes All of the Following