In a Properly-Designed Accounts Payable System, a Voucher Is Prepared

question 59

Multiple Choice

In a properly-designed accounts payable system, a voucher is prepared after the invoice, purchase order, requisition and receiving report are verified.The next step in the system is:

• A)approval of the voucher for payment.
• B)entering of the voucher into the voucher register.
• C)entry of the cheque amount in the cheque register.
• D)cancellation of the supporting documents.

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Definitions:

Schedule K-1

A tax document used to report the income, losses, and dividends of a partnership or S corporation's shareholders or partners.

Short-term Capital Gains

Profits from the sale of an asset held for one year or less, taxed at ordinary income tax rates.

Tax Treatment

Refers to the method or rules applied in determining how an item or situation is taxed, affecting the financial outcome.

Rental Income

Income received from renting out property, such as houses or apartments, which is subject to tax.