Important Control Features Provided by a Voucher System

question 125

Multiple Choice

Important control features provided by a voucher system:

• A)assure only approved invoices are paid.
• B)centralize the recording of all expenditures in one place-the voucher register.
• C)include using the check register along with the voucher register.
• D)All of these answers are correct.

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Definitions:

Fixed Assets

Long-term tangible assets used in the operations of a business and not expected to be converted to cash in the near term.

Times Interest Earned

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Days' Sales in Inventory

A financial metric that shows the average duration it takes for a company to turn its inventory into sales.

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