The voucher system of control:
A)Is a set of procedures and approvals designed to control cash receipts and the acceptance of obligations.
B)Establishes procedures for verifying,approving,and recording obligations for eventual cash disbursement.
C)Establishes procedures for receiving checks for the sale of verified,approved,and recorded activities.
D)Applies only when multiple purchases are made from the same supplier.
E)Is required in large companies but not beneficial for small to mid-sized companies.

Question

Quizplus · Accepted Answer

The voucher system of control establishes procedures for verifying, approving, and recording obligations for eventual cash disbursement. This system is used to ensure that payments are made for legitimate purchases and that all necessary approvals have been obtained. It is not limited to multiple purchases from the same supplier and can be beneficial for companies of all sizes.

The Voucher System of Control