A process for approving and documenting all purchases and payments on account is referred to as a:
A) voucher system.
B) imprest system.
C) reconciliation procedure.
D) cash receipts process.

Question

Quizplus · Accepted Answer

A voucher system provides a process for approving and documenting purchases and payments on account. It typically involves creating a document (or voucher) for each transaction, which is then approved by authorized personnel before payment is made. This system helps ensure that all transactions are properly authorized and recorded, and can aid in preventing fraud and errors. The other options are not directly related to the process of approving and documenting purchases and payments.

A Process for Approving and Documenting All Purchases and Payments