To Provide Assurance That Each Voucher Is Submitted and Paid

question 47

Multiple Choice

To provide assurance that each voucher is submitted and paid only once, an auditor most likely would examine a sample of paid vouchers and determine whether each voucher is:

• A)supported by a vendor's invoice.
• B)stamped "paid" by the check signer.
• C)prenumbered and accounted for.
• D)approved for authorized purchases.

---

Definitions:

Double Coincidence of Wants

A situation in barter economies where two parties each hold an item the other wants, making it possible for them to exchange these items directly.

100-percent-reserve Banking

A banking system in which banks are required to keep 100% of their deposits available as reserves, thus eliminating the possibility of bank runs.

Money Supply

The collective sum of money assets in an economy at a certain timeframe.

Standard of Living

The degree of prosperity, convenience, material possessions, and essential needs accessible to a specific social or economic group or particular location.