Under a Voucher System, Every Liability Is Recorded at the Time

question 85

Multiple Choice

Under a voucher system, every liability is recorded at the time:

• A) of requisition of goods.
• B) of receipt of goods.
• C) of payment.
• D) the liability is incurred.

---

Definitions:

Bretton Woods Agreement

A 1944 agreement that established fixed foreign exchange rates for major currencies, as well as the IMF and the World Bank.

Gold Standard

A monetary arrangement where the valuation of a country's currency or paper bills is pegged directly to gold.

Bretton Woods System

was a monetary order established in 1944, which set up fixed exchange rates, the International Monetary Fund (IMF), and the World Bank to regulate international financial and monetary affairs.

U.S. Dollar

The official currency of the United States, widely used as a global reserve currency.