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:

Conditionally Liable

Refers to a legal obligation that becomes enforceable only upon the occurrence of a specified condition.

Stated Amount

The specified value or sum agreed upon in a contract for the provision of goods, services, or coverage.

Negotiable Instrument

A formal paper assuring the disbursement of a specified amount of funds, which could be paid either immediately when requested or at a scheduled time, with the document identifying the payor.

Demand Instrument

A type of draft that allows the payee to demand payment at any time from a holder.