A set of procedures and approvals that is designed to control cash disbursements and the acceptance of obligations is referred to as a(n):
A)Internal cash system
B)Petty cash system
C)Cash disbursement system
D)Voucher system
E)Cash control system

Question

Quizplus · Accepted Answer

A voucher system is a set of procedures and approvals designed to control cash disbursements and the acceptance of obligations. It involves creating a voucher for each approved transaction, which includes the amount of the transaction, the date, and the names of the parties involved. The voucher is then approved by authorized personnel before a check is issued to the payee. This ensures that all cash disbursements are properly authorized and documented.

A Set of Procedures and Approvals That Is Designed to Control