Which of the following statements is true regarding the documents in a voucher system?
A)All voucher systems are the same.
B)Recording a purchase is initiated by an invoice approval.
C)A well-designed voucher system will allow department managers to place orders directly with suppliers for control purposes.
D)A voucher system is most commonly used in very small companies to make up for the lack of other internal controls.
E)A well designed voucher system will eliminate all fraud and error.

Question

Quizplus · Accepted Answer

Recording a purchase in a voucher system is initiated by invoice approval, which triggers the creation of a voucher. A voucher system is designed to ensure that all purchases are properly authorized and documented, and that payments are made only for valid purchases. It is not true that all voucher systems are the same, or that a well-designed voucher system will allow department managers to place orders directly with suppliers. Additionally, while a voucher system can help to prevent fraud and error, it cannot eliminate them completely. The claim that voucher systems are most commonly used in very small companies is also false.

Which of the Following Statements Is True Regarding the Documents