Approvals for Each Journal Voucher Are Specific Authorizations

question 116

True/False

Approvals for each journal voucher are specific authorizations.

---

Definitions:

Note Receivable

A claim or debt that one party owes to another under the terms of a promissory note, indicating money to be received.

Perpetual Inventory System

An inventory management system where records of inventory quantities are updated on a continuous basis as transactions occur.

Journal Entries

Records of financial transactions in the order in which they occur, used to transfer information to the ledger accounts.

Service Fee

A charge for the provision of a service, often added to the basic price of the service.