A Collection of Documents Prepared in the Process of Approving,processing

question 92

Multiple Choice

A collection of documents prepared in the process of approving,processing and documenting all purchases and payment made on account is referred to as a:

• A) voucher.
• B) imprest.
• C) EFT.
• D) reconciliation.

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Definitions:

External Transactions

Transactions that involve parties outside the organization, impacting the financial position of the business.

Economic Events

Transactions and occurrences that affect the financial position of a business entity.

Basic Accounting Equation

Represents the foundation of double-entry bookkeeping, stating that assets equal liabilities plus equity.

Assets

Resources owned by a business that are expected to provide future economic benefits.