In a Voucher System, Vouchers Payable Is the Controlling Account

question 105

True/False

In a voucher system, Vouchers Payable is the controlling account for the subsidiary ledger Unpaid Vouchers.

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Definitions:

Technological Controls

Systems and procedures implemented to monitor, manage, and secure an organization's technology infrastructure and data.

Independent Reviews

Assessments conducted by outside parties to evaluate the accuracy, fairness, or compliance of processes or financial records.

Bank Reconciliation

The process of matching and comparing transactions recorded in an entity's accounting records against those listed on a bank statement.

Internal Controls

The processes and procedures implemented within an organization to ensure the integrity of financial and accounting information, promote accountability, and prevent fraud.