An Example of Vouching Would Be to Trace from

question 55

Multiple Choice

An example of vouching would be to trace from

• A)receiving reports to the acquisitions journal.
• B)the acquisitions journal to supporting vendor invoices.
• C)duplicate bank deposit slips to the cash receipts journal.
• D)cancelled cheques to the cash disbursement journal.

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Definitions:

Payroll Taxes

Taxes imposed on employers or employees, and are usually calculated as a percentage of the salaries that employers pay their staff.

Social Security

A government program that provides financial assistance to retirees, disabled individuals, and survivors of deceased workers.

Payroll Tax Expense

Charges applied to employers or their employees, often determined by a portion of the payrolls that workers earn from their companies.

Payroll Taxes

Levies charged to either employers or employees, typically based on a percentage of the wages that employees receive from their employers.