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)All of the choices are correct regarding a voucher system of control.

Question

Quizplus · Accepted Answer

The voucher system of control is a set of procedures for verifying, approving, and recording obligations for eventual cash disbursement. This process helps prevent fraudulent activities and ensures that all transactions are properly recorded and authorized. Option A is more related to cash receipt control, Option C is about receiving checks, and Option D is not accurate as the application of the voucher system is not restricted to purchases from the same supplier. Therefore, the best choice is B.

The Voucher System of Control