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.

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Definitions:

Extraordinary Losses

Non-recurring losses that are unusual in nature and infrequent in occurrence, significantly impacting a company's financial performance.

Tornado Damage

The destruction or loss caused by a tornado, affecting buildings, infrastructure, and communities, potentially leading to financial losses and insurance claims.

Obsolete Inventory

Inventory that is no longer sellable because it is out of date, out of fashion, or has become technologically redundant.

Unusual

Refers to events or transactions that are infrequent, unexpected, or uncommon in the normal course of business operations.