A key factor in a voucher system includes all of the following except:
A) It is applied to purchases of merchandise inventory and all other expenses.
B) Procedures for purchasing, receiving, and paying for merchandise are divided among several departments.
C) It is not necessary if the supplier provides both receiving report and invoice with the merchandise shipped.
D) The system limits the individuals that can incur cash payment obligations for a company.
E) Only approved departments and individuals are authorized to incur an obligation that will result in the payment of cash.

Question

Quizplus · Accepted Answer

All of the other options are key factors in a voucher system, but option C is not a key factor because a voucher is still necessary even if the supplier provides both a receiving report and invoice with the merchandise shipped. The voucher is a document that records the details of the transaction, such as the amount owed and the payment terms, and provides authorization for the payment.

A Key Factor in a Voucher System Includes All of the Following