Fundamental Accounting Principles Study Set 5
Quiz 8: Cash and Internal Controls
A Voucher System Establishes Procedures for Verifying, Approving, and Recording
A voucher system establishes procedures for verifying, approving, and recording obligations for eventual cash disbursement.
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To streamline a voucher system, procedures for purchasing, receiving, and paying for merchandise can be performed by one department or individual.
A voucher is an internal document or file used to accumulate information to control cash disbursements and to ensure that a transaction is properly recorded.
Vouchers should be used only for purchases. Other expenditures do not need to go through the voucher system.
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